Ten Years of NYC Home Sales A Tale of Two Trends

amNewYork gives the borough-by-borough breakdown of residential sales over the last decade as the 2010s come to a close. Overall, the city saw real estate prices increase between the first quarter of 2010 and the fourth quarter of 2019, but changes in tax law starting in 2017 brought those increases to a halt, even dropping back to 2010 prices over the last year in Manhattan. 

According to the amNewYork article, a true stand-out is Queens, where average prices remain below the mansion tax levels, and large-scale development along the waterfront is now online. These new condos and their appealing amenities drew buyers from pricier boroughs like Manhattan and Brooklyn, and other affordability-conscious home-seekers flocked to subway-accessible neighborhoods like Sunnyside, Woodside, Jackson Heights, and Astoria.

The outlet cites the erstwhile plans for a Long Island City Amazon headquarters as a draw for new residents, but Queens has enjoyed a steady increase in both sales and sales prices over the decade, with no sign of ebbing in sight. As long as interest rates remain low and prices remain affordable, Queens will remain an attractive place for homebuyers and developers alike.

Prices in Brooklyn and the Bronx also increased over the decade, with slightly more peaks and valleys than their Queens neighbor. The establishment of “Brooklyn” as a commercial signifier and global brand heightened its appeal to developers, who have transformed riverfront neighborhoods and areas like Bed-Stuy and Bushwick with luxury residences and other large-scale development. An influx of new residents to the Bronx (more than 86,000 between 2010 and 2017, according to amNewYork), meanwhile, has harbingered neighborhood transformations and average and median sales prices that continue to rise modestly but steadily. 

Staten Island saw a big surge in prices after its post-Hurricane Sandy rebound, bolstered by homebuyers priced out of Manhattan and Brooklyn and a healthy luxury condo market. Low supply and high demand have put the borough out of reach for some budget-conscious purchasers as prices reach “unaffordable levels,” according to amNewYork.

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