Most NYC home buyers want to drop between $400K and $600K

More than half of all online searches were for homes under $1M: StreetEasy

New York /
Feb.February 03, 2017 10:30 AM

The under-$1 million market in New York City is smoldering, but supply isn’t close to meeting demand.

Over half of all online searches last year were for homes asking less than $1 million, DNAinfo reported, citing data from StreetEasy. Of that group, just under 14 percent were searching for places priced between $400,000 and $600,000. The second most sought price was $600,000 to $800,000, with just over 13 percent of house hunters searching within that bracket. Around 12 percent of users looked for houses priced between $800,000 to $1 million.

“New Yorkers are actively searching for homes that fit their budget and their lifestyle,” StreetEasy data scientist Krishna Rao told the publication. “As we’ve seen over the past few quarters, there is much less demand for high-priced luxury units and increasing competition for homes at the bottom of the market.”

In 2016, Manhattan co-ops and condominiums collectively had a median sale price of $1.1 million in 2016, an increase of 28 percent from the $860,000 median price a decade ago. In Brooklyn last quarter, the median sales price hit $750,000, an all-time record.  In Queens, the median price during the same time period was $498,000.

In Brooklyn, reportedly the most unaffordable place in the country, demand is outstripping supply, particularly in the lower part of the market.

“Under $2 million, we’re short on inventory. Under $500,000 we are very, very short,” Frank Percesepe, Corcoran’s executive vice president of Brooklyn, told The Real Deal last month. “There’s a large group of people that would enter the market if there were property appropriately priced for them.” [DNAinfo]Miriam Hall


Related Articles

arrow_forward_ios
Seattle Seahawks receiver and newly-licensed realtor Tyler Lockett along with 812 245th Place Northeast in Sammamish, Washington (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Redfin)
NFL star earns his real estate wings
NFL star earns his real estate wings
Toll Brothers' Douglas Yearly and property at Sparks, Nevada (Toll Brothers)
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
“Honey, I bought the town:” Buyer ends up with big chunk of subdivision
75 Park Lane South (Plaza Construction)
This year’s top-selling Hudson County homes
This year’s top-selling Hudson County homes
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
Daniel Grollo and 106 Central Park South (Photo Illustration by Steven DIlakian for The Real Deal with Getty Images)
Trump Parc condo tied to embattled Australian construction magnate hits market
Trump Parc condo tied to embattled Australian construction magnate hits market
Richard Gere and Ryan Murphy with 81 Lyndel Road (Redfin, Getty)
Celeb buyer of Richard Gere’s Westchester estate revealed
Celeb buyer of Richard Gere’s Westchester estate revealed
REAL NY's Louis Adler, Compass' Eugene Litvak, and ROART's Ran Oron with the Milk Factory (REAL New York, Compass, ROART, Milk Factory)
East Williamsburg’s resi market reaches new heights
East Williamsburg’s resi market reaches new heights
Homeward founder Tim Heyl (Homeward, Getty Images)
Power buyer Homeward lays off 20% of staff
Power buyer Homeward lays off 20% of staff
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...