The StreetEasy data team analyzed the median asking price per square foot (PPSF) in Manhattan, Brooklyn, and Queens, in an effort to identify which neighborhoods are seeing a decrease in PPSF, and which are seeing an increase.
As the pandemic continues into its third year, and offices are still allowing their employees to work from home, the amount of space available in an apartment has become a critical component for buyers when searching for a place to call home.
The StreetEasy data team analyzed the median asking price per square foot in Manhattan, Brooklyn, and Queens, in an effort to identify which neighborhoods are seeing a decrease in PPSF, and which are seeing an increase. According to the StreetEasy data, the five neighborhoods with the highest median asking price per square foot in New York City are located in Manhattan, with the PPSF surging to $1,612, a jump of about 11.1% since last January. In contrast, the top five neighborhoods with the lowest median asking PPSF, were all in Queens, with the exception of one, which was Brownsville, Brooklyn, featuring a $348 median asking PPSF, and a drop of 0.6% since 2021.
While property prices in Manhattan increased over the last year, both Brooklyn and Queens experienced the converse effects, rendering Queens the ideal neighborhood for buyers who are seeking to optimize the amount of money they spend to obtain the most square footage.