The median price for a New York City home in 2013 rose just two percent year-over-year to $475,000, according to data from StreetEasy, but the price changes in individual neighborhoods were far more pronounced.
The median price for a home in Manhattan stayed relatively stable in 2013, at $825,000, a year-over-year increase of less than one percent. But in Soho, for example, the median price jumped 31 percent year-over-year to $2.62 million, pushing it past Tribeca to become the city’s priciest neighborhood.
“There’s no question Downtown continues to be king,” Citi Habitats president Gary Malin told the New York Daily News.
In Brooklyn, Carroll Gardens usurped Dumbo as the city’s priciest neighborhood, according to the newspaper. Prices in Carroll Gardens jumped 43 percent year-over-year to $985,000. Prices in Cobble Hill fell 29 percent year-over-year to $537,000, but mostly due to a lack of inventory, the News said.
In Queens, Flushing saw prices rise 34 percent year-over-year to $368,000. Long Island City was next on the list in the borough, with prices up 24 percent year-over-year to $664,000.
“A lot of it’s the growth in Court Square,” Rick Rosa, head of Douglas Elliman’s Long Island City office, told the paper. “Long Island City has become so much more than just the waterfront.” [NYDN] – Hiten Samtani