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 July, 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 July
Total transactions statistics:
- The number one borough for the month of July is Queens. The borough ended up with an impressive 34% of the total transactions for the month of July. Compared to June, that is a 5% increase this past month.
- When we look at the numbers for the total transactions per borough for the month of July, we see that Brooklyn is the borough coming in at number 2. Brooklyn ended up with 28% of the total number of monthly transactions for the month. That is a 3% increase compared to their numbers for June.
- Coming in at third place, directly behind the borough of Brooklyn, is the borough of Manhattan. Manhattan was the only borough that saw a decrease in the number of transactions in July compared to June. The borough saw a 11% decrease, ending up with 27% of the total number of transactions.
- Last but not least we have the Bronx. While the borough usually ends up in last place, the borough also saw a 3% increase compared to June, ending up with 11% this month compared to the 8% the borough ended up with last month.
Median closing price per borough:
- While it’s not surprising that Manhattan has the highest median closing price again, the borough saw a significant drop in the median closing price, going from a median closing price of $1,278,950 in June to $975,000 in July. That is a 24% decrease in closing price month to month. Obviously, the borough had less high priced units for sale in July compared to June.
- In second place, we have Brooklyn with a median closing price of $779,000. Brooklyn, alongside Manhattan, also saw a decrease in median closing price for this past month, but Brooklyn saw a decrease of 7% only compared to Manhattan’s 24%.
- In third place we have Queens, which was the borough with the biggest number of total transactions in June. In regards to the median closing price, the borough ended up with the only increase, which was an increase of 7%.
- The Bronx ended up being the only borough without any change in the median closing price for the month of July compared to the month of June, with a closing price of $455,000 for both months.
An overview of the total transactions made in July
The table below shows the total transactions in July 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 July 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.
