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As you can imagine, New York City's real estate scene has gone through a seismic shift this year as the pandemic rocked the status quo.
A new report by PropertyShark, which was released on Monday, takes a stark look at how one sector of the city's economy did between April and June, when the shutdown was in full swing—it should come as no surprise that sales activity was low and prices decreased.
Manhattan's sales activity was cut in half this spring (during the Second Quarter), according to the study, and its median sales price dropped 22 percent year-over-year, from $1.27 million to $990,000. In fact, the borough's No. 1 most expensive neighborhood, Hudson Yards, didn't even muster enough sales to be included in the study, PropertyShark says.
On the other end of things, Inwood took the title as the most affordable neighborhood in New York City, with median sales price at $405,000, despite seeing its sales activity cut in half. The median sales price decreased by five percent year-over-year and the number of sales decreased by 50 percent to only seven sales during this time.
The chart below shows just how far things have dropped in Q2:
TriBeCa took the No. 1 spot for the most expensive neighborhood—a title it's had many times before—from Hudson Yards, according to the report.
And for the first time ever, Brooklyn overtook Manhattan for the most neighborhoods in the top 50 priciest, with DUMBO at No. 4 (it had a $2 million median sales price.) With views like that, it's not hard to see why. And Gowanus led with sales activities (up 230 percent year-over-year) because of new condo developments, the study shows. Because of this, sales activity in Brooklyn "only" dropped 32 percent year-over-year. There wasn't a big shift in median sale price—it slid by two percent to $702,000.
The Bronx and Queens both registered median sale price increases of just over 12 percent at $325,000 and $644,000, respectively.
Overall, the median sales price for the four boroughs contracted two percent year-over-year in Q2 and increased 4 percent quarter-over-quarter to $675,178.
You can see exactly how much your neighborhood's sales prices increased on Property Shark's interactive map here.
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