How Much Do Homes Cost in NYC?

Ever wondered how much a home costs in NYC? We'll explain how pricing varies by borough (Manhattan, Brooklyn, Queens, etc.), neighborhood, property type (condo vs. co-op, new construction etc.) and other factors in this video.

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So, how much do homes cost in NYC? Well, this is a very expansive topic but if we're looking at the headline numbers or the top line numbers, the median home price in New York City is anywhere between $700k to $800k, but that number or that range itself doesn't really provide that much utility because the actual price and prevalent price per square foot of a property in New York City, varies widely depending on several factors including for starters. What borough it's in Manhattan, Brooklyn, Queens, Bronx or Staten Island not only what borough it's in but what neighborhood is it in. If you're downtown, in Manhattan are you in the Financial District or are you in the West Village? Massive differences in terms of the price per square foot and the cost of a home in the neighborhoods within, of course each of the boroughs here in New York City and then of course we have the topic of the property type.

So, here in New York, of course you have apartments just like everywhere else but we have condos and we have co-ops. Different forms of ownership with different positive and negative attributes and so you know that really will impact the valuation co-ops are anywhere from 10 to 40 percent cheaper than condos. In the same area, you buy the exact same apartment if it says condo versus co-op, the pricing differential could be massive and then of course you have townhouses, you have brownstones throughout New York City and all of the boroughs essentially and you also have the occasional home single or multifamily, freestanding home. All of these different property types have different valuations and different prevailing pricing characteristics.
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