Apartment Prices Rise in More Affordable Markets, Like Upper Manhattan

The median price of an apartment re-sold in Manhattan stagnated over the 12 months that ended in November. But in Upper Manhattan, the median apartment price rose 4.2% year-over-year to $513,620. Median resale prices rose 3.6% year-over-year in Brooklyn to $758,382 and 6.1% to $510,095 in Queens.

“More affordable regions of the city, such as Upper Manhattan, Northeast Queens and South Brooklyn continue to see strong demand, and are set for ongoing price growth in 2018,” said Grant Long, senior economist for data firm StreetEasy.

Over the same period, median apartment rents across Manhattan, Brooklyn and Queens remained essentially flat, all growing less than 1 percent year-over-year.

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