New York City Home Prices
The data below shows median sales prices for New York City homes, co-ops and condos as determined from New York City property records in May 2010. For the month, the median price for all homes and apartments sold in New York City was $478,5001. Pricing by housing type is broken out in the table below and a history of monthly median sales prices are shown further down. For a less volatile look at pricing, see the quarterly and 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.
New York City Median Home Prices for May 2010
|
New York City Housing Type |
May 2010 Median Price |
Month/Month | Year/Year |
|---|---|---|---|
| Houses | $460,000 | +4.55% | +4.78% |
| CO-OPs | $349,500 | +5.91% | +16.89% |
| Condos | $693,159 | +7.33% | +15.53% |
| Combined | $478,500 | +4.02% | +8.62% |
§ — Small sample for the period. Changes not calculated and data point not shown in charts.
Monthly Home Price History for New York City
The median price for all homes and apartments in new york city reached its most recent peak of $560,734 in June 2007. At $478,500, the current median price is now 14.67% lower. When the median price hit its lowest point (to date) of $425,000 in April 2009 it was 24.21% off the most recent peak. It has since climbed 12.59% from that post peak low.
Monthly Median Sales Prices: Houses, CO-OPs, Condos, Combined
History of Monthly Median Sales Prices for the Last Year
| Month | Houses | CO-OPs | Condos | Combined |
|---|---|---|---|---|
| May 2010 | $460,000 | $349,500 | $693,159 | $478,500 |
| April 2010 | $440,000 | $330,000 | $645,840 | $460,000 |
| March 2010 | $435,000 | $325,000 | $572,220 | $450,000 |
| February 2010 | $450,000 | $325,000 | $597,220 | $460,000 |
| January 2010 | $439,999 | $320,000 | $591,603 | $445,200 |
| December 2009 | $443,807 | $300,000 | $607,000 | $440,000 |
| November 2009 | $432,750 | $300,000 | $535,000 | $425,000 |
| October 2009 | $450,000 | $300,000 | $644,414 | $450,000 |
| September 2009 | $440,000 | $325,000 | $600,000 | $445,000 |
| August 2009 | $465,000 | $339,000 | $610,950 | $465,000 |
| July 2009 | $449,564 | $310,554 | $638,500 | $450,000 |
| June 2009 | $430,759 | $285,000 | $630,296 | $430,000 |
| May 2009 | $439,000 | $299,000 | $600,000 | $440,545 |
Quarterly Rolling Home Price History for New York City
For the 3 month period ending May 2010, the combined median price for all New York City homes was $456,500. This is 4.94% above the median price for the 3 month period ending one year ago in May 2009.
The quarterly rolling median price for all homes and apartments in new york city reached its most recent peak of $550,000 in August 2007. At $456,500, the current quarterly rolling median price is now 17.00% lower. When the quarterly rolling median price hit its lowest point (to date) of $430,950 in June 2009 it was 21.65% off the most recent peak. It has since climbed 5.93% from that post peak low.
Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined
History of Quarterly Rolling Median Sales Prices for the Last Year
| Quarter Ending | Houses | CO-OPs | Condos | Combined |
|---|---|---|---|---|
| May 2010 | $440,000 | $331,500 | $616,041 | $456,500 |
| April 2010 | $440,000 | $325,500 | $604,000 | $455,000 |
| March 2010 | $440,000 | $324,000 | $585,000 | $450,000 |
| February 2010 | $444,404 | $314,340 | $598,950 | $450,000 |
| January 2010 | $440,000 | $308,000 | $575,000 | $436,000 |
| December 2009 | $443,000 | $300,000 | $590,000 | $437,195 |
| November 2009 | $441,036 | $306,000 | $589,500 | $440,000 |
| October 2009 | $450,000 | $320,000 | $616,041 | $450,000 |
| September 2009 | $450,000 | $325,000 | $613,589 | $450,000 |
| August 2009 | $450,000 | $315,000 | $625,000 | $450,000 |
| July 2009 | $440,000 | $300,000 | $625,000 | $440,000 |
| June 2009 | $430,000 | $285,000 | $605,858 | $430,950 |
| May 2009 | $437,000 | $273,000 | $602,500 | $435,000 |
12 Month Rolling Home Price History for New York City
The 12 month rolling median price for all homes and apartments in new york city reached its most recent peak of $531,000 in March 2008. At $449,000, the current 12 month rolling median price is now 15.44% lower. When the 12 month rolling median price hit its lowest point (to date) of $440,000 in December 2009 it was 17.14% off the most recent peak. It has since climbed 2.05% from that post peak low.
12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined
History of 12 Month Rolling Median Sales Prices for the Last Year
| Year Ending | Houses | CO-OPs | Condos | Combined |
|---|---|---|---|---|
| May 2010 | $445,000 | $315,000 | $606,175 | $449,000 |
| April 2010 | $443,500 | $315,000 | $601,186 | $446,160 |
| March 2010 | $441,090 | $310,000 | $600,000 | $445,000 |
| February 2010 | $443,500 | $302,000 | $600,767 | $443,842 |
| January 2010 | $443,807 | $300,000 | $600,767 | $440,793 |
| December 2009 | $445,000 | $290,000 | $600,767 | $440,000 |
| November 2009 | $446,844 | $290,000 | $610,950 | $442,500 |
| October 2009 | $450,000 | $285,000 | $626,223 | $449,000 |
| September 2009 | $452,164 | $285,000 | $636,406 | $450,000 |
| August 2009 | $460,000 | $285,000 | $653,300 | $457,547 |
| July 2009 | $463,054 | $285,000 | $661,432 | $460,270 |
| June 2009 | $470,000 | $285,000 | $677,136 | $470,000 |
| May 2009 | $477,000 | $290,000 | $683,245 | $480,000 |
New York City Home Affordability
In 2007, the median household income in New York City was $47,5812. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median New York City household, this would have meant that a monthly mortgage payment should not have exceeded $1,189 using the 2007 average mortgage rate of 6.34%3. Combining this with 2007 property sales records, we can calculate that the median income household could have potentially afforded approximately 11.13% of the homes and apartments sold in New York City in all of 2007.
1. All sales metrics are calculated from NYC Rolling and NYC Annual property sales. Metrics derived from rolling data are preliminary as some sales take months to report. ↩
2. Affordability data, including median income by borough, are calculated from metrics in the NYC Datamine Economic and Housing Profile datasets. ↩
3. Average mortgage rates are from Freddie Mac Primary Mortgage Market Survey Archives and do not include points. ↩