Department of Numbers

This section of Department of Numbers is no longer being updated and may be removed in the future. The data here is out of date and should no longer be used.

Midtown Home Prices

The data below shows median sales prices for Midtown Manhattan homes, co-ops and condos as determined from New York City property records in December 2010. For the 3 months ending December 2010, the median sales price for all Midtown homes and apartments was $822,5001. A history of quarterly median sales prices is below. For a less volatile look at pricing, see the 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.

Quarterly Rolling Home Price History for Midtown

Compared to the 3 months ending December 2009, the combined median price for the 3 month period ending December 2010 is 10.22% higher.

The quarterly rolling median price for all homes and apartments in manhattan reached its most recent peak of $1,114,470 in April 2008. At $822,500, the current quarterly rolling median price is now 26.20% lower. When the quarterly rolling median price hit its lowest point (to date) of $647,500 in April 2009 it was 41.90% off the most recent peak. It has since climbed 27.03% from that post peak low.

Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

quarterly median sales prices in Midtown for houses, co-ops, condos and combined properties

History of Quarterly Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $3,475,000 § $598,500 $1,100,000 $822,500
November 2010 § $570,000 $1,118,750 $817,391
October 2010 § $600,000 $1,167,500 $840,000
September 2010 $5,250,000 § $600,000 $1,111,250 $815,000
August 2010 $5,250,000 § $545,000 $975,000 $749,500
July 2010 $3,350,000 § $535,000 $973,160 $759,048
June 2010 $3,000,000 § $553,750 $950,000 $750,000
May 2010 $3,000,000 § $600,000 $940,000 $775,000
April 2010 § $553,750 $920,000 $735,000
March 2010 § $510,000 $971,214 $710,000
February 2010 § $540,000 $982,300 $759,000
January 2010 § $542,500 $975,000 $725,000
December 2009 § $575,000 $938,532 $746,250

12 Month Rolling Home Price History for Midtown

The 12 month rolling median price for all homes and apartments in manhattan reached its most recent peak of $941,881 in January 2009. At $775,000, the current 12 month rolling median price is now 17.72% lower. When the 12 month rolling median price hit its lowest point (to date) of $722,957 in November 2009 it was 23.24% off the most recent peak. It has since climbed 7.20% from that post peak low.

12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

12 month rolling median sales prices in Midtown for houses, co-ops, condos and combined properties

History of Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $3,475,000 § $570,000 $982,500 $775,000
November 2010 § § § §
October 2010 $3,350,000 § $560,000 $980,000 $759,000
September 2010 $3,350,000 § $570,000 $975,000 $753,505
August 2010 $3,000,000 § $570,000 $957,155 $750,000
July 2010 $3,500,000 § $553,750 $950,000 $740,000
June 2010 $3,250,000 § $550,000 $950,000 $739,116
May 2010 $3,250,000 § $562,000 $950,000 $750,000
April 2010 $3,500,000 § $556,500 $942,500 $740,000
March 2010 $3,500,000 § $538,750 $950,000 $731,500
February 2010 $3,500,000 § $537,500 $950,000 $730,000
January 2010 $3,500,000 § $545,000 $931,868 $730,000
December 2009 $3,500,000 § $544,500 $915,712 $729,534

Midtown Home Affordability

In 2007, the median household income in Manhattan was $62,2682. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Manhattan household, this would have meant that a monthly mortgage payment should not have exceeded $1,557 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 4.46% of the homes and apartments sold in Midtown 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.