Manhattan home prices are rising as Brooklyn’s plateau

UrbanDigs report compares latest in contract asking prices from a year ago

New York /
Apr.April 23, 2021 08:00 AM
(iStock)

(iStock)

While Manhattan home prices and sales sank over the last year, Brooklyn’s surged, driven by higher demand and dwindling inventory.

Now, those price trends appear to be slightly shifting, according to a report from UrbanDigs.

It analyzed the latest asking price of homes that went into contract in recent months. While accounting for discounts, UrbanDigs said asking price remained a reliable indicator of what sale price would be.

In March, the median latest asking price of a home in contract in Manhattan was $1.2 million, more than 14 percent higher than March 2020, when the pandemic started to upend the market. The March 2021 asking was about the same as it was the month before, according to the report.

Meanwhile, Brooklyn’s median latest asking price of homes in contract in March was $899,000, a 5.4 percent dip from March 2020. The March 2021 asking price was 5.3 percent below the previous month.

Overall, March 2021 was a solid one for signed contracts in both boroughs. In Manhattan, the number jumped to 1,497 up from 1,102 in February; and in Brooklyn, signed contracts rose to 949 from 710 in February.

Sellers have been slashing prices on Manhattan units amid the inventory glut, but the new data suggests an increasing number of higher-priced homes are trading in the borough. That may tap the brakes on discounts in the coming months as buyer demand rises.

Recent quarterly reports from Douglas Elliman suggested that Manhattan sales had finally started to increase year over year, while Brooklyn saw its median sales price reach an all-time high.





    Related Articles

    arrow_forward_ios
    Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
    Steven Mnuchin’s $26M home finally finds a buyer
    Steven Mnuchin’s $26M home finally finds a buyer
    Robert Millard and 9 East 88th Street (MIT Corp, Google Maps)
    Former Lehman exec lists Carnegie Hill mansion for $38M
    Former Lehman exec lists Carnegie Hill mansion for $38M
    April’s occupancy levels climbed to 61.6 percent, above March’s 60.9 percent. (iStock)
    Demand for short-term rentals surges past pre-pandemic levels
    Demand for short-term rentals surges past pre-pandemic levels
    Cape Cod and the Jersey Shore suffered among the sharpest inventory declines. (iStock)
    Here’s where homes virtually sold out in the pandemic
    Here’s where homes virtually sold out in the pandemic
    1384 Meadow Lane
    The 20 priciest Hamptons sales this year
    The 20 priciest Hamptons sales this year
    Airbnb CEO Brian Chesky. (Airbnb, Getty)
    Airbnb’s losing spree continues with $1B loss in Q1
    Airbnb’s losing spree continues with $1B loss in Q1
    Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
    Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
    Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
    Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
    April leases soared across city; so did concessions
    April leases soared across city; so did concessions
    arrow_forward_ios

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

    Loading...