By: Serach Nissim
A new study is calling the borough of Queens the best deal for New York City homebuyers.
The analysis by Street Easy has revealed that Queens offers the most space for the price, when compared to Brooklyn or Manhattan. The average home sales price was about $540 per square foot, as per StreetEasy.
As per the NY Post, in NYC, the median asking price for a home was $950,000, so the average Queens homebuyer would get a property spanning roughly 1,759 square feet, or $540 per square foot, according to StreetEasy. By contrast, Brooklyn homebuyers would pay $666 per square foot, and end up with an average of 1,427 square feet of space. Buyers purchasing a home in Manhattan worth $950,000 would only get about 589 square feet of space, based on the average whopping price of $1,612 per square foot.
In StreetEasy’s list of top five NYC neighborhoods to find a good deal, four of the top spots with the lowest price per square foot are in Queens. Namely, they are: Briarwood for $339 per square foot; Kew Gardens for $355; St. Albans for $370; and South Jamaica for $371 per square foot. The list also included the Brooklyn neighborhood of Brownsville, which was ranked as second-lowest median asking price, at $348 per square foot.
Though these didn’t make the list, other Brooklyn neighborhoods with comparatively lower median prices per square foot include: Canarsie ($420); East New York ($424); East Flatbush ($432); and Bergen Beach ($442). The highest price tags for homes in Brooklyn were found in the following neighborhoods: Cobble Hill with the highest median price in the borough of $1,749 per square foot; Dumbo at $1,693 per square foot; Brooklyn Heights at $1,607; Downtown Brooklyn at $1,381; and Boerum Hill where homeowners would need to pay a median of $1,367 per square foot. Home purchasers in Brooklyn last year paid a median asking price of $899,900, which was unchanged in comparison to 2020. The median asking price per square foot was down 3.8 percent last year, compared to 2020.
In Manhattan, the median prices for homes have shot upwards in the past years, due to high-priced luxury condos which pulled up the average. The StreetEasy study showed that, the most expensive Manhattan neighborhoods, where a buyer would get the least square footage per dollar were: Nolita offering a median asking price of $2,408 per square foot; Central Park South for $2,296; the West Village for $2,260; Midtown for $2,216; and Soho asking a median of $2,144 per square foot.
