Home shopping season is right around the corner, and if you're on the hunt for a new place in New York City, you're in luck. According to StreetEasy's January 2022 Market Reports, this year is poised to be a busy one for buyers and sellers. With the pandemic and remote work revolutionizing our concept of personal space, square footage has become a crucial factor in home-buying decisions. So, where can you get the most space for your money in the Big Apple? Let's explore.
Queens: The Best Bang for Your Buck
When it comes to affordability, Queens takes the crown. With a median asking price per square foot (PPSF) of $540, buyers can get a spacious New York City home without breaking the bank. For a budget of $950,000, the median price in January, you can expect to get approximately 1,759 square feet of living space. It's no wonder that Queens is the go-to borough for savvy homebuyers looking to maximize their square footage.
In comparison, Brooklyn offers a median PPSF of $666, translating to around 1,427 square feet for the same budget. Meanwhile, Manhattan's median PPSF skyrockets to a staggering $1,612, affording buyers a mere 589 square feet of space. If space is your priority, looking beyond Manhattan seems like a no-brainer.
Brooklyn: A Promising Shift in Pricing
Although Brooklyn's median asking price for a home remained flat at $899,900, there's good news for those seeking more space. The median asking PPSF in Brooklyn dropped by 3.8% since last year, signaling a positive shift for buyers. Larger homes entering the market at lower prices contributed to this decrease in PPSF, providing an opportunity for buyers to find more space within their budget.
Don't be fooled, though — interest in Brooklyn is still red hot. In January, 658 contracts were signed for homes in the borough, representing a 5.6% increase compared to last year. Many buyers are flocking to Brooklyn as an affordable alternative to the soaring Manhattan prices.
Manhattan: Luxury Living at a Premium
When it comes to prestige and luxury, Manhattan reigns supreme. The five most expensive neighborhoods in New York City can all be found in Manhattan, with asking prices per square foot rising by 11.1% year-over-year. The median PPSF in the borough now stands at $1,612, the highest increase StreetEasy has seen since 2015.
The luxury housing market is primarily responsible for this surge, with prices in the top quintile reaching a soaring $2,274 per square foot. However, there is still room for those seeking more affordable options. The PPSF for the most affordable homes in Manhattan dropped by 6.8% to $714, offering a range of prices and sizes for potential buyers.
Making an Informed Decision
StreetEasy's tools and data are invaluable resources for buyers on any budget. Whether you're searching for a home in Manhattan, Brooklyn, or Queens, their Data Dashboard provides the latest reports and interactive tools to guide you through your home-buying journey.
As the real estate market continues to evolve, it's essential to stay informed and adapt to changing trends. By exploring StreetEasy's market reports, you'll gain valuable insights into the sales market, inventory levels, and pricing fluctuations in each borough. Armed with this knowledge, you'll be well-equipped to make a confident and informed decision.
So, whether you're dreaming of spacious living in Queens, exploring affordable options in Brooklyn, or indulging in luxury living in Manhattan, StreetEasy is your trusted companion in the quest for your ideal NYC home. Happy house hunting!
Images courtesy of StreetEasy
Caption: Queens offers the most square footage for your money.
Caption: Explore Brooklyn neighborhoods with the best price per square foot.
Caption: Discover the luxury living options in Manhattan.
Disclaimer: The information presented in this article is based on StreetEasy's January 2022 Market Reports. Please note that real estate market conditions can change rapidly, and it is always advisable to consult with a professional real estate agent or conduct thorough research before making any buying decisions.
