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 May, 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 May
Total transactions statistics:
- For the month of May,there wasn’t much separating the top two boroughs. For Manhattan, we saw a 3 percent increase in the total sales transactions compared to the month of April. The borough eneded up with 32% of the total transactions in May. Queens, on the other hand, saw a slight decrease in the total sales transactions for the month with a total of 31% of the total transactions.
- Coming in at third is then Brooklyn, who also saw a slight decrease in the total number of sales transactions for the month of May compared to the month of April. Brooklyn ended up with 28%, which is 1% less than last month.
- Then, at last, we have the Bronx, which didn’t see any change at all for the month of May. The borough ended up with 9%, which is the same percentage as for April.
Median closing price per borough:
- The borough with the highest median closing price for the month of May was, not surprisingly, Manhattan. The borough ended up with a median closing price of $1,300,000, which is an increase of 4% or $50,000 from the previous month.
- Brooklyn, however, did not see an increase in the median closing price, however the decrease wasn’t that significant. The median closing price went from $822,165 in April to $810,000 in May, which equals only a 1% change.
- Queens was the second borough that saw an increase in the median closing price this month. While the increase wasn’t as big as for Manhattan, the borough still saw a 1% increase in median price this month. The median closing price went from $557,000 to $560,000.
- The Bronx, as Brooklyn, also saw a decrease in the median closing price. The borough actually saw the biggest drop in median closing price this month, with a decrease of 8%, with the median closing price going from $499,000 in April to $461,000 in May.
An overview of the total transactions made in May
The table below shows the total transactions in May 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 May 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.
