Market Data Market Reports

Park Slope Lands Among 10 Priciest NYC Nabes for the First Time

image of park slope in New York City

It’s official: Park Slope is now one of the most expensive neighborhoods in NYC.

The lack of affordable homes in the city has pushed the median price of properties on the market to new highs, particularly in Brooklyn. Home prices in the borough are quickly catching up to Manhattan, with the median recorded sale price rising 6.7 percent from the prior year, according to the Q1 2018 StreetEasy® Market Reports[i]. However, with large numbers of luxury homes continuing to flood the New York City sales market, overall home price growth as measured by the StreetEasy Price Indices[ii] remains modest.

The Brooklyn neighborhoods of Carroll Gardens, Dumbo, Park Slope and Greenpoint were among the city’s ten most expensive in the first quarter of 2018, based on median sale price, eclipsing Manhattan neighborhoods such as the Upper East Side and the West Village. Park Slope was among the ten most expensive New York neighborhoods for the first time, with a median recorded sale price of $1,405,000 — higher than 19 of the 25 Manhattan neighborhoods.

Overall, 19 percent of Brooklyn neighborhoods in the first quarter of 2018 had a median recorded sale price higher than the Manhattan median. But the median price per square foot in Brooklyn and Queens, at $700 and $500, respectively, remains much lower than the Manhattan figure of $1,400.

“The spike in recorded sales prices highlights the stiff competition that budget-minded buyers face entering peak home-shopping season,” said StreetEasy Senior Economist Grant Long. “While Brooklyn and Queens were once an oasis for those priced out of Manhattan, the cost of homeownership in the outer boroughs is on the rise. Neighborhoods that were once middle-class have become among the most expensive in the city. However, those with the means to buy in these areas will still get more for their dollar than in most of Manhattan.”

<a href=’#’><img alt=’StreetEasy Price Index ‘ src=’https://public.tableau.com/static/images/pr/priceIndices_Q12018/StreetEasyPriceIndex/1_rss.png’ style=’border: none’ /></a>

Q1 2018 Key Findings — Manhattan

Q1 2018 Key Findings — Brooklyn

Q1 2018 Key Findings — Queens

<a href=’#’><img alt=’Neighborhood Data ‘ src=’https://public.tableau.com/static/images/20/2018Q1MarketOverview/NeighborhoodData/1_rss.png’ style=’border: none’ /></a>

[i] The StreetEasy Market Reports are a monthly overview of the Manhattan and Brooklyn sales and rental markets. Every three months, a quarterly analysis is published. The report data is aggregated from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan and Brooklyn, with most metrics dating back to 1995 in Manhattan and 2005 in Brooklyn. The reports are compiled by the StreetEasy Research team. For more information, visit http://streeteasy.com/blog/market-reports/. StreetEasy tracks data for all five boroughs within New York City, but currently only produces reports for Manhattan and Brooklyn.

[ii] The StreetEasy Price Indices track changes in resale prices of condo, co-op, and townhouse units. Each index uses a repeat-sales method of comparing the sales prices of the same properties since January 1995 in Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Levels of the StreetEasy Price Indices reflect average values of homes on the market. Data on the sale of homes is sourced from the New York City Department of Finance. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/

[iii] The Midtown submarket covers Roosevelt Island, Midtown, Central Park South, Midtown South, Midtown East, Midtown West, Murray Hill, Sutton Place, Turtle Bay, Kips Bay, Beekman, Hudson Yards and Hell’s Kitchen.

[iv] The Upper East Side submarket includes Lenox Hill, Yorkville, Carnegie Hill, Upper Carnegie Hill and Upper East Side neighborhoods.

[v] The StreetEasy Rent Indices utilize a similar methodology to the StreetEasy Price Indices and include only valid and verified listings from StreetEasy. By employing a repeat-rentals approach, the indices emphasize the changes in rent on individual properties and not between different sets of properties. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/

[vi] The Upper Manhattan submarket covers Hudson Heights, Hamilton Heights, Washington Heights, Inwood, Fort George, West Harlem, Central Harlem, East Harlem, Manhattanville, South Harlem and Marble Hill

[vii] The North Brooklyn submarket consists of Greenpoint, Williamsburg and East Williamsburg.

[viii] The Northwest Brooklyn submarket consists of Downtown Brooklyn, Fort Greene, Brooklyn Heights, Boerum Hill, DUMBO, Vinegar Hill, Red Hook, Gowanus, Carroll Gardens, Cobble Hill, Columbia St. Waterfront District and Clinton Hill.

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