New York City is one of the most expensive cities in the U.S. to rent in so one can only imagine the price tags of the units actually for sale. Investing in real estate in New York City can be expensive, but nevertheless, an investment if NYC is the city where you see yourself living for the rest of your life. With more than 8.5 million people residing, across the five boroughs, there are plentiful of housing and investment opportunities for those looking to purchase real estate. This monthly report has its focus on the previous transactions made in August, showing the most expensive transactions (commercial transactions excluded), celebrity transactions, and some statistics to go along with it. The data for the report is provided by ACRIS.
Some information about ACRIS
With data publicly available by ACRIS (ACRIS being the Automated City Register Information System) the public can search property records and view documents for Manhattan, Queens, Bronx, and Brooklyn from 1966 to the present. While RealtyHop has incorporated a feature that allows users of the site to conduct their own searches for buy/sell events by individuals, organizations, or property addresses, a report showing the number of transactions made in the past month as well as some insight to what properties go for, in which borough, has been provided in the report.
A brief look at the month of August
Total transactions statistics:
- Unchanged from the previous month, the borough of Queens ends up having the highest number of total transactions for the month of August. The borough ended up with 34% of the total transactions. While this is the highest number for the boroughs, Queens actually didn’t see any change in the percentage of transactions when comparing July and August, with the share percentage remaining the same.
- Also unchanged from last month’s report, Brooklyn is the borough with the second highest total transaction percentage with a total of 30% of the total transactions in August. That is a 2% increase compared to the month of July for Brooklyn.
- Manhattan also had the same ranking as last month, coming in at third place again. For the month of August, the borough ended up with 28% of the total transactions for the month. That is only a 1% increase from last month.
- And coming in last we have the Bronx. This month the borough was the only borough that saw a decrease in market share, by 2%. The borough ended up with 9% of the total transactions for August.
Median closing price per borough:
- Manhattan still has the highest median closing price this month, like the prior month. However, we did see a significant increase in the median closing price as the closing price for August jumped by 18% compared to last month. The median closing price for Manhattan went from $975,000 in July to $1,149,500 in August.
- Brooklyn ends up in second place, with a median closing price of $805,000 this month. That is a 3% increase from the previous month, where Brooklyn had a median closing price of $779,000.
- Queens ends up witha median closing price of $585,000 this month, and the only borough with a decrease in terms of the median closing price. However, the decrease isn’t that significant as Queens only saw a decrease of 2% compared to July.
- The Bronx also had an increase in their median closing price this month, however a rather small increase by only 1%. The borough ended up having a median closing price of $460,000.
An overview of the total transactions made in August
The table below shows the total transactions in August for the boroughs Manhattan, Brooklyn, Queens, and The Bronx . Obvious commercial transactions have been removed from the table (as well as any transactions that didn’t clearly show if it was a commercial transaction or not). The data in the table is provided by ACRIS for the month of August and ranks the transactions by the most expensive. We limited the transactions listed below to those of the cost of $100,000 and above. To search for transactions by borough, please refer to using the search field.
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With data from ACRIS, RealtyHop is able to disclose the total number of transactions as well as the boroughs with the most transactions in the past month. We here at RealtyHop look for insight into the real estate market to provide buyers with as much information as possible so they can make an informed buying decision.
