New York City has long captured the world’s imagination as a place of opportunity, where anyone can chase their dreams and realize their full potential. For over three hundred years, people from all walks of life have migrated to New York City to settle down and start new lives in the thriving metropolis. However, in recent years New York has become better known for being a prohibitively expensive city to live in and own property. In 2020, the average
in New York City was close to 107,000 U.S. dollars. This was significantly higher than in other large metros such as Chicago (65,000 U.S. dollars), Dallas (64,000 U.S. dollars), or the national average (60,500 U.S. dollars).
How did the coronavirus (COVID-19) pandemic impact home sales?
In 2020, New York was
hit hard by the coronavirus (COVID-19) pandemic. To prevent the uncontrollable spread of the virus, the city that never sleeps had to go into full lockdown, leading to
price volatility in the housing market and falling sales activity. Between March 2020 and April 2020, the
number of residential property sales halved. In the period from February 2020 and February 2021, Manhattan, one of the most exclusive places to live,
saw housing prices fall, while Brooklyn, Queens, and the Bronx, which are traditionally seen as more affordable and working class neighborhoods, followed the opposite trend. Still, Manhattan remains an extremely expensive place to purchase a property: Residential properties in Manhattan sold for a median price of over one million U.S. dollars, nearly twice the price of housing in the Bronx in February 2021.
What happened with rents during the coronavirus (COVID-19) pandemic?
Like in other megacities with pricey housing around the world, an
overwhelming portion of New Yorkers rent rather than own their place. While housing prices were affected differently in different boroughs,
rents during the coronavirus pandemic went down not only in Manhattan, but also in Brooklyn, Queens, and the Bronx. In Manhattan, the median asking monthly rent fell from 3,500 U.S. dollars in 2019 to approximately 2,800 U.S. dollars in 2020. In Queens, the most affordable borough for renters, the
decrease was less drastic: rental rates were down to 2,000 U.S. dollars in 2020 from 2,250 U.S. dollars in 2019.
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