In New York City, housing is becoming increasingly unaffordable, and the arrival of new developments has dramatically changed many neighborhoods. A new report by StreetEasy shows precisely how much each neighborhood’s prices have increased (or decreased, in rare cases) in the past five years.
The report details the change in median sales prices in NYC neighborhoods between 2015 and 2019. While median recorded sales prices declined in a few historically expensive areas (the West Village, Dumbo, and Battery Park City), other areas like Roosevelt Island, Ditmas Park, the Lower East Side, and Gramercy Park saw significant increases.
Since 2015, home prices on the Lower East Side doubled, from $655,000 to $1.31 million, taking that neighborhood from 57th to 14th place on the list in terms of median recorded sales price. StreetEasy economist Nancy Wu attributes this increase to “the high volume of higher end new developments coming onto the market,” such as 204 Forsyth Street and 260 Bowery.
Other significant increases include Roosevelt Island, where prices rose from $318,755 to $1.17 million; Ditmas Park, which went from $705,000 to $1.20 million, and Gramercy Park, where prices went from $810,000 to $1.37 million.
Three neighborhoods that not only kept their ranking as some of the city’s most expensive, but also saw price increases, were Tribeca, Nolita, and Soho. Tribeca’s prices rose significantly, from $3.18 million to $4.10 million, possibly because of new buildings like 56 Leonard in 2015. In Nolita, prices went from $2.9 to $3.01 million, while in Soho, they went from $2.67 to $2.70 million.
Check out the full StreetEasy report, which features a chart that details how the median recorded sales price in each neighborhood has changed.