Median prices in New York City’s five boroughs are “back” since plummeting at the pandemic’s onslaught.
Double Digit Price Gains on Co-ops, Condos & Houses in Last Two Years
The housing market in New York City, declared dead by doomsayers when residents fled the city for safer, less crowded pastures at the COVID onslaught, is now solid. The sale and rental markets in all five boroughs of the city now match or, in some cases, surpass pre-pandemic price levels.
To get a clear look at how much housing prices have rebounded in the five boroughs of New York City since falling two years ago, Miller Samuel Appraiser tracked and compared median prices from 2019 and 2020, ending in Q4 2021.
Quiz:
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
Key:
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
According to Greg Heym, the chief economist with the Brown Harris Stevens brokerage, “The median (price) gives a more realistic, less volatile and steadier indicator…it doesn’t care how high the highest sale is.”
Take a look at the median price comparisons in New York City’s five boroughs:
Manhattan
– Median price as of Q4 2021 – $1.165M
– Median price in 2019 – $999,000
– Median price in 2020 – $1,050,000
– Two-year median gain of +16.6%
– Current median price at end of January 2022 – $1.17M, according to StreetEasy
Brooklyn
– Median price as of Q4 2021 – $941,000
– Median price in 2019 – $875,000
– Median price in 2020 – $875,000
– Two-year median price gain of +17.6%
– Current median price at end of January 2022 – between $900,000 and $1M, according to an online search
Queens
– Median price as of Q4 2021 – $718,000
– Median price in 2019 – $610,000
– Median price in 2020 – $668,000
– Two-year median price gain of +17.7%
– Current median price at end of January 2022 – between $700,000 – $800,000
The Bronx
– Median price as of Q4 2021 – $575,000
– Median price in 2019 – $491.450
– Median price in 2020 – $530,000
– Two-year median price gain of +17%
– Current median prices at end of January 2022 vary widely by in-borough neighborhoods
Staten Island
– Median price as of Q4 2021 – $625,000
– Median price in 2019 – $536,617
– Median price in 2020 – $565,000
– Two-year median price gain of +16.5%
– Current median prices at end of January 2022 – between $600,000 – $700,000
Buyers Watching Federal Reserve
While sellers have welcomed these home price gains over the pandemic, agents and brokers say that buyers are watching what the Federal Reserve will do as it is expected to boost short-term interest rates in March. Already, rates have popped the 4% threshold.
Ardit Gjonaj, an agent with Julia Be. Fee Sotheby’s International Realty working in Westchester and the Bronx, said, “you can feel it in the air. (Buyers) want to lock in a rate and buy something new.”
Melinda Micciola, an agent with RE/MAX Elite, said, “If this winter is any indication, 2022 is expected to be another whirlwind year.”
Are you ready to learn what your DISC personality style is? You know it’s critical that you understand what your natural personality style is. Once you have obtained this knowledge everything in your business and personal life will change for the better. Tim and Julie Harris are making it super simple for you to have this powerful info. Now, text the word YOU to 47372, and when you do you will instantly receive a special exclusive text link. Next, you will complete your own DISC personality test.. the results will be shared with you instantly once you complete the simple and fun test, no strings attached. Simply text the word YOU to 47372 and click the link.
P.S. (Limited time: no charge to take the complete test)
* 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQt
Thanks to Miller Samuel, StreetEasy, and The New York Times.
