New York Residential Real Estate - Statistics & Facts

New York City has long captured the world’s imagination as a place of opportunity, where anyone can chase their dreams and realize their full potential. For over three hundred years, people from all walks of life have migrated to New York City to settle down and start new lives in the thriving metropolis. However, in recent years New York has become better known for being a prohibitively expensive city to live in and own property. As of 2017, a square foot of residential property in New York cost about 2,065 U.S. dollars on average, making it the third most expensive residential property market in the world.

As the home of Wall Street and the United Nations, it comes as no surprise that Manhattan is an extremely expensive place to purchase property. In many major U.S. cities such as Cleveland or San Antonio, a prospective homeowner could purchase a spacious house for 200,000 dollars. In Manhattan, on the other hand, 200,000 dollars could only buy you a meager 126 square feet of living space. To put these figures in perspective, the median size of a studio apartment in Manhattan is 624 square feet. In 2018, nearly half of all luxury home sales in New York took place indowntown Manhattan.

Brooklyn is another borough of New York City, which has traditionally been seen as a working class neighborhood. Although it is significantly less expensive than Manhattan, it can hardly be considered an affordable place to live, with a studio apartment costing over half a million dollars as of the first quarter of 2018. During that time, downtown Brooklyn reportedly had about 579 available residential units, making it the New York neighborhood with the largest volume of housing units available. The vast majority of new residential development deals in Brooklyn are one-bedroom units, perhaps suggesting that the borough is more popular among single individuals than families.

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Residential real estate in New York - Important statistics

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