Luxury Home Prices Dip to 2014 Levels in Manhattan.
As the supply of luxury homes in New York City continued to outpace buyer demand, the median price of luxury homes sank to its lowest level since April 2014 in Manhattan and close to its lowest level since May 2016 in Brooklyn, according to the October 2017 StreetEasy Market Reports.
In Manhattan, the median resale price for a luxury home, defined as within the top 20 percent of the market, dropped 2.0 percent year-over-year in October to $4,317,377. It fell 3.6 percent in Brooklyn, to $1,627,904. In Queens, the median price for a top-tier home rose 6.9 percent to $1,036,058.
Broader resale prices (October 2017 Key Findings) rose in Manhattan as luxury resale prices fell. Manhattan’s median resale price rose by 2.2 percent to $1,184,362, while the median luxury resale price fell by 2.0 percent to $4,317,377. Manhattan’s luxury homes also spent 15 more days on the market for a total of 157 days.
Rents stagnated across Manhattan; rents fell in Tribeca. Rents in Manhattan grew 0.4 percent since last year to a median of $3,164iv. Tribeca’s pricey median asking rent dropped a substantial 25.1 percent since last year to $5,995.
Rental discounts reached an all-time high. The share of Manhattan rentals that offered a discount reached their highest levels on record: 28 percent of rental units were discounted, up 3.4 percent year-over-year.
Resale prices rose, except in North Brooklyn. The median resale price in Brooklyn rose 3.4 percent year-over-year to $751,100. North Brooklyn, the borough’s second-most expensive submarket, was the only submarket where prices declined, with the median down 0.9 percent year-over-year to $1,095,370.
Luxury resale prices dropped the most of the three boroughs. Brooklyn luxury resale prices fell by 3.6 percent to a median of $1,627,904. Luxury homes also spent 11 days longer on the market than last year – reaching a median of 66 days. Brooklyn rents grew modestly. Median rent rose just 0.7 percent to $2,550, marking the 11th consecutive month in which rents grew less than 1 percent in Brooklyn.
October 2017 Key Findings – Queens
Queens resale prices rose at the fastest rate. Outpacing Manhattan and Brooklyn, Queens’ median resale price rose 6.8 percent year-over-year to $510,034.
Prices for the most expensive homes increased. Unlike Brooklyn and Manhattan, luxury resale prices in Queens rose 6.9npercent to a median of $1,036,058, but homes spent 46 more days on the market – reaching a median of 95 days.
Rents in Queens remain unchanged from last year. Queens’ rents declined just 0.1 percent (or $2) since last year, reaching a median of $2,114.
Rental discounts reached an all-time high. The share of Queens rentals that offered a discount reached their highest levels on record: 25 percent of rental units were discounted (up 5.9 percent year-over-year).