The average home price in New York City is $799,000.
| 2022 | 2023 | 2024 | 2025 | |
| January | $780,000 | $750,000 | $819,000 | $799,000 |
| February | $787,000 | $759,000 | $825,000 | |
| March | $798,000 | $779,000 | $820,000 | |
| April | $825,000 | $799,000 | $800,000 | |
| May | $845,000 | $829,000 | $838,000 | |
| June | $838,000 | $818,750 | $825,000 | |
| July | $824,099 | $799,000 | $799,000 | |
| August | $795,200 | $795,000 | $799,000 | |
| September | $775,000 | $799,000 | $829,000 | |
| October | $785,000 | $799,000 | $850,000 | |
| November | $775,000 | $839,000 | $839,000 | |
| December | $759,000 | $799,000 | $799,000 |
Source: Realtor.com
2024 demonstrated New York City’s resilience in its real estate market, with strong sales activity and rising price points across all boroughs. Below, we provide an in-depth analysis of average apartment prices, key trends, and market performance, segmented by submarket, property type, and price point.
Overview of Apartment Prices in 2024
New York City’s real estate market remained robust throughout 2024. With an average citywide price per square foot (price per square foot) exceeding $1,000 and total sales volume surpassing $9 billion, the market’s resilience and appeal were evident.
High demand, coupled with limited inventory, drove price increases across all boroughs.
Recorded Sales by Submarket
Manhattan
Manhattan remains the premier market for real estate in New York City. With an average price per square foot of $1,511, the borough saw a 3.51% year-over-year increase. The average sale price reached $1,943,181, and the median price rose to $1,145,000, reflecting a competitive market driven by high-end buyers and investors. Over 3,066 transactions contributed nearly $6 billion in total sales volume this quarter.
Brooklyn
Brooklyn continued its vibrant performance with an average price per square foot of $1,012, up 0.89% compared to the previous year. The borough’s average sale price was $1,025,518, supported by approximately 1,421 transactions that brought total sales volume to $1.46 billion. Brooklyn’s diverse property offerings remain a significant draw for a broad buyer demographic.
Queens
Queens experienced remarkable growth in 2024, with the average price per square foot rising 20.39% to $883. The average sale price came in at $513,029, with a median price of $405,000, marking a 2.1% year-over-year increase. Sales activity surged, with over 1,281 transactions—a staggering 65% rise compared to the previous year—highlighting increasing buyer interest in the borough.
The Bronx
The Bronx maintained steady activity, recording an average price per square foot of $350. The average sale price was $293,820, while the median price rose 6.79% to $248,500. Total sales volume reached $73.5 million across 250 transactions, showcasing consistent demand within the residential market.
Recorded Sales by Submarket: Condo Market
Manhattan Condos
Manhattan’s condo market remains a beacon for luxury buyers. The average sale price for a condo ranges from $785,333 for a studio apartment to $10,899,279 for 4+ bedroom apartments.
This year’s sales were driven by an influx of international and high-net-worth investors. The median and average prices for condos continued their upward trajectory, reflecting the borough’s appeal as a global financial hub.
Brooklyn Condos
Brooklyn’s condo market saw significant traction, particularly in neighborhoods like Williamsburg and DUMBO. The median sales price for a condo in Brooklyn rose by 14.3% to nearly $1.1 million, marking another record high compared to the previous year. Meanwhile, the median price for a co-op dropped by 8% to $515,000. With the average price per square foot exceeding $1,000, condos remain a favorite for young professionals and families seeking modern amenities in trendy neighborhoods.
Queens Condos
Queens’ growing popularity has extended to its condo market, with new developments driving up both prices and demand. The borough’s accessibility to Manhattan and diverse community offerings make it an attractive choice for first-time buyers.
Recorded Sales by Price Point
Under $500,000
Affordable housing options under $500,000 were most prevalent in the Bronx and parts of Queens, attracting first-time buyers and investors. These transactions represented a significant portion of the overall sales volume in these boroughs.
$500,000–$1,000,000
This price segment was particularly active in Brooklyn and Queens, reflecting strong demand for mid-range properties that balance location, size, and amenities.
Over $1,000,000
Luxury properties above $1 million dominated Manhattan’s sales, with a noticeable presence in high-demand neighborhoods such as Tribeca, the Upper East Side, and SoHo. Brooklyn’s luxury market also saw growth, driven by upscale developments in neighborhoods like Brooklyn Heights.
Predictions for 2025
Analysis: This year’s data highlights a citywide trend of rising sale prices, fueled by high demand and limited inventory. Manhattan continues to lead with the highest average prices, while Queens and the Bronx offer more affordable options with promising growth potential. Submarkets like Long Island City and South Bronx have shown significant year-over-year growth.
Looking ahead to 2025, we anticipate further growth in NYC’s real estate market. Key trends include:
- Sustained Demand: With New York City’s economic recovery in full swing, demand for residential properties will likely remain high across all boroughs.
- Emerging Neighborhoods: Areas like Astoria, Bushwick, and Mott Haven are expected to see significant price increases as buyers seek more affordable alternatives to Manhattan and central Brooklyn.
- Luxury Market Expansion: Manhattan’s luxury segment will continue to thrive, driven by international buyers and high-net-worth individuals.
- Infrastructure Developments: New transit-oriented projects and rezoning initiatives will further drive interest in underdeveloped areas.
Whether you’re seeking a luxury property in Manhattan or an affordable option in Queens or the Bronx, NYC’s diverse neighborhoods offer something for everyone. With promising trends on the horizon, the city’s real estate market remains an excellent investment opportunity for 2025.
Stanislav Kolomiiets | Licensed Real Estate Salesperson
OXFORD PROPERTY GROUP
5 West 37th Street | 12th Floor | New York | NY | 10018
M: 347-299-5600 | E: SKolomiiets@opgny.com