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 March, 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 March
Total transactions statistics:
- In March, the number one borough in terms of the total number of sales transactions were again Queens, who ended up with 35% of the total number of transactions for the past month. The borough saw a 2% increase in the total number of sales transaction in March compared to February.
- Manhattan beat Brooklyn by 1% this month, with 28% of the total number of sales transactions compared to Brooklyn’s 27%.
- Bronx didn’t see any change in the number of sales transactions for the month of March compared to February, as they still ended up with 10% of the total share of sales transactions.
Median closing price per borough:
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- Looking at the median closing price for Manhattan for the month of March, we are seeing a slight increase in the closing price for the past month. In February, Manhattan had a median closing price of $1,152,500. In March, they had a median closing price of $1,237,500. That is an increase in median closing price of 7%.
- Brooklyn also saw an increase in the median closing price for March, by 3%. The median closing price went from $775,000 in February to $799,000 in March.
- Queens, however, did not see an increase in closing price in March. Instead, the borough saw a decrease in the median closing price by -3%. The closing price went from $560,000 in February to $541,900 in March.
- Bronx also saw a decrease in the median closing price in March and the decrease was more than half of the decrease Queens had. Bronx went from having a median closing price of $485,750 in February to $449,500 in March, which equals a -7% decrease in median closing price for the month.
An overview of the total transactions made in March
The table below shows the total transactions in March 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 March 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.***
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.
