Trends & Data 5 New Things to Know About NYC

5 Things You Need to Know About the NYC Real Estate Market Right Now

The StreetEasy research team is always uncovering new facts about New York City’s housing landscape. Here’s an update on what we’ve discovered lately — five new things you need to know about the NYC real estate market right now. Catch up below, and search for your next NYC apartment on StreetEasy.

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1. NYC is so expensive that $2,700 might be the sweet spot for city rentals from a price/value perspective. Renters who start below that price tend to look at more expensive homes as they search, while those who start above look at cheaper units.

2. Speaking of rentals, if you were anticipating a low-key apartment hunt his fall or winter, watch out: We’re in for a red-hot rental market.

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Manhattan and Brooklyn 1-2BRs Under $3,200

3. The rental market is hot because a lot of would-be buyers are staying out of the sales market, where prices are relatively high, price cuts are flat, and inventory is piling up.

4. The situation is even worse in NYC’s luxury condo market, where there’s a large glut of unsold inventory. Some 25% of all the condo units built since 2013 have yet to find a buyer.

5. But even in this tough sales market, homes are moving quickly in certain NYC neighborhoods, like value-friendly South Queens and the ever-popular areas of brownstone Brooklyn.

NYC Neighborhoods Where Homes Sell Fastest

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Submarket Neighborhoods Within Median Days on Market
South Queens Jamaica, Ozone Park, Richmond Hill, Woodhaven 60
Northwest Brooklyn Dumbo, Brooklyn Heights, Cobble Hill, Fort Greene 70
Northwest Queens Astoria, Long Island City, Sunnyside, Ditmars-Steinway 70
Central Queens Jackson Heights, Forest Hills, Woodside, Corona, Ridgewood 71
Northeast Queens Flushing, Kew Gardens, Whitestone, Oakland Gardens 71

But there are still other things to know about the NYC real estate market! If you want an edge on your home search, check out our Trends and Data page for the latest reports and analysis from the StreetEasy research team.

Inspired to find your next place in New York? Whether you’re looking to rent or to buy, search NYC apartments on StreetEasy. 

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