New York, New York is the largest city in terms of population in the United States. Its reputation, culture, economy, and architecture are legendary, from iconic hotdogs and baseball teams to the Empire State Building and Billy Joel.
When shopping for a home in New York City, it’s sometimes easier to view it as five cities in one. Each borough, Queens, Manhattan, Brooklyn, the Bronx, and Staten Island has its own personality, culture, history, and perks.
Common Questions About Buying a Home in New York City
- How much do homes in New York City cost? New York City is expensive as home markets go. The median price for homes in Queens is almost $600,000, and Manhattan living pushes prices skyward toward an average of $1.1 million. Brooklyn rests in the middle at about $800,000.
- Does NYC have a buyer’s market or a seller’s market? Surprisingly, New York has a buyer’s market. That means that there are more apartments for sale than potential homeowners. This gives you some leeway when negotiating prices. You can get a great deal if you’re patient, especially with the help of a savvy real estate agent.
- Does New York City have any standalone homes for sale? It’s true that there are lots of apartments and condos in this vertical metropolis, but there are other homes too. If you’re willing to be flexible on location, you can snag an attractive home with amazing personality and history:
- Lofts: An iconic New York mainstay, lofts emphasize space, industrial styles with exposed brick and large windows, and open-concept layouts. Originally, this type of home was created by remodeling manufacturing buildings.
- Standalone homes: If your dream is an independent home, with a large lawn and shade trees, traveling to one of the outer boroughs can help you find it. Manhattan does have some historical gems, but they go for a pretty penny.
- Townhome: There are lots of gorgeous townhomes with the 1920s and 1930s flair in New York City, in addition to modern styles from recent additions. Townhomes are several stories high and often have a backyard.