In a time of constantly escalating apartment prices, and multi-million dollar sales, here’s some reassuring news for New Yorkers—most of us aren’t actually searching for those multi-million dollar listings. Data compiled by StreetEasy has revealed that the most searched properties in all five boroughs range in the $400,000-$600,000 mark, DNAinfo first reported.
From all the data they looked into, StreetEasy analysts found that 13.7 percent of all searches took place for properties listed between $400K-$600K, this was followed by apartments between $600K-$800K, which accounted for $13.3 percent of all searches, and coming in third were units priced between $800K-$1 million. Just under 10 percent of the searches were for apartments priced between $200K-$400K.
The searches make more sense when you think about the fact that more than half of the listings currently available in NYC are below $1 million, according to StreetEasy. About 30 percent fall in the $200K-$600K range, and about 24 percent are between $600K-$1 million.
Somewhat surprisingly though, Brooklyn came out on tops when it comes to a higher competitive price range. It’s between $400K-$600K in that borough, but in Manhattan and Queens the competitive markets are on the slightly lower end of the $400K-$600K bracket, and just as competitive in the $200K-$400K market.
In fact, in Brooklyn, homes priced less than $1 million spent a median of less than 43 days on the market compared to Manhattan where that number was 48 days in 2016.
Now having said all of that, the most number of searches don’t always translate into the most number of sales, and buyers looking in the $1 million to $2 million are still more likely to contact brokers than in the other categories.