Buying? Try NYC’s Upper West Side. Selling? Elmhurst Is Rising.

by Oshrat Carmiel

Home prices are slipping in some of New York City’s most expensive neighborhoods. In others that are generally more affordable, they’re rising.

In the first quarter, the median price of resales dropped 13 percent from a year earlier in Greenwich Village, 9.8 percent on the Upper West Side and 8.3 percent in Gramercy Park, according to StreetEasy.

Brooklyn saw declines too: Previously owned homes in Williamsburg sold for 6.3 percent less on median, while in the combined Cobble Hill and Boerum Hill neighborhoods, the decrease was 20 percent.

Prices rose in some up-and-coming areas, such as Elmhurst and Sunnyside in Queens, with increases of 60 percent and 22 percent, respectively. In Brooklyn, the resale median was up 53 percent in Crown Heights and 32 percent in Kensington.

These are places that have “a little bit more room and that might fit into the budget of a normal professional in New York City,” said Grant Long, senior economist at StreetEasy. “The price of these entry-level homes, if you will, is rising much faster than the rest of the market.”

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Manhattan, Brooklyn and Queens real estate at a glance
for the quarter ended :

Highest priced sale

Median home price

Change in price from last year

Click or tap on any neighborhood in the map to add it to the comparison charts below. Click or tap on any neighborhood name above to remove it.

Definition of Terms and Methodology

The sales data are based on condo, co-op, townhouse and single-family home transactions during the last three months of 2016, according to StreetEasy’s analysis of records from the New York City Department of Finance. Due to a delay between the closing date and when a sale is recorded by the Department of Finance, the data may not include all closings during the quarter.

Highest sale price
The highest sale price for all closed transactions in the quarter.

Median resale price
The middle price for homes with sales that closed in the quarter and had a prior recorded sale since 1995.

Median sale price, all homes
The middle price for all sales that closed in the quarter, including deals in new developments.

Price change
The percentage change in median price from the identical period in the previous year.

Median days on market
The middle value for the number of days from when a home was originally listed on StreetEasy to when it went under contract.

Sales count, all homes
The number of home sales that closed during the quarter.

Sales count, resales
The number of homes that sold in the quarter with a prior recorded sale since 1995.

Median asking rent
The middle advertised monthly price for rental homes listed on StreetEasy during the quarter.

Rental count
The number of properties listed for rent on StreetEasy during the quarter.

Tipping point
The time it would take for the accumulated costs of renting a home to equal or exceed the cost of buying and owning a comparable-size home in the same area. The calculation takes into account such homeownership costs as principal and interest payments on a 30-year fixed-rate mortgage, New York City taxes and the tax implications of selling a home, and such rental costs as renter’s insurance and the broker’s fee.

Listing discount
The median percentage change between the initial asking price listed on StreetEasy and the recorded sale price.

Share of sales listings with price cuts
The percentage of homes for which the list price on StreetEasy was reduced during the quarter.

Share of rentals discounted
The share of all active rental listings on StreetEasy that had a reduction in asking rent during the quarter.

NAs
Metrics with fewer than 10 examples in a neighborhood aren’t reported because more data are needed for an accurate representation. These are indicated as “NA”.