[Graphic via Crain's.]
Because there can never be enough data to explain New York City's real estate market, Crain's has come up with a slew of interactive charts and graphs that encapsulate the crazy-booming-upwards situation right now. Above, one of the most important takeaways: in the second quarter of this year, the median purchase price in Manhattan topped its 2008 peak. It's almost $1.7 million. The graphic also shows how bigger homes (four-bedrooms, the top line) are really pushing up that median price.
Above, the logical result of such escalating property prices: more buildings are on their way to, well, getting built. The chart above, explained: "The city issued more than 96,000 building permits in 2013, a 7.6% jump from 2012. Manhattan had 51% of them, but mostly for renovations. Only 5% of the island's permits were for new buildings; Queens' 593 permits for new construction topped all boroughs." Hey, Queens, a lot of supply is coming your way. It remains to be seen whether the new construction will bring down the high prices, but that's what the laws of supply and demand would mandate.
· Stats and the City: Real Estate 2014 [Crain's]
- Real Estate
- New York City