{"id":16044,"date":"2015-02-25T11:09:27","date_gmt":"2015-02-25T15:09:27","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=16044"},"modified":"2025-07-07T11:48:08","modified_gmt":"2025-07-07T08:48:08","slug":"nyc-home-prices-up-in-2014","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2015\/02\/25\/nyc-home-prices-up-in-2014\/","title":{"rendered":"NYC Home Prices Up 2% in 2014, Luxury Market Thriving"},"content":{"rendered":"<p>In <a title=\"New York City Real Estate\" href=\"https:\/\/www.propertyshark.com\/mason\/NY\/New-York-City\/Property-Search\" target=\"_blank\" rel=\"noopener\">New York City<\/a>, the real estate market is as hot as it has ever been. Whether it\u2019s local or international buyers, everybody wants a piece of the Big Apple.<\/p>\n<p>This huge demand for urban living has driven property prices up over\u00a0the past 5 years, with <strong>the median price for a NYC home peaking at $505,000 in the third quarter of 2014<\/strong>, according to our latest NYC residential sales report.<\/p>\n<p><a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/NYC-Home-Sales-Stats-2014.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16128\" style=\"border: 1px solid #ccc;\" src=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/NYC-Home-Sales-Stats-2014.png\" alt=\"NYC Home Sales Stats 2014\" width=\"1037\" height=\"414\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/NYC-Home-Sales-Stats-2014.png 1037w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/NYC-Home-Sales-Stats-2014.png?resize=300,120 300w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/NYC-Home-Sales-Stats-2014.png?resize=768,307 768w\" sizes=\"auto, (max-width: 1037px) 100vw, 1037px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2014_Home_Sales_Highlights\"><\/span>2014 Home Sales Highlights<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Overall, the NYC\u00a0residential sales market recorded rising prices but weakening sales volume.<\/p>\n<ul>\n<li>The median sale price of a NYC home increased 2% year-over-year, from $488,000 in 2013 to $499,655 in 2014.<\/li>\n<li>In the fourth quarter of 2014, the median sale price fell 1% to $499,700 as compared to the third quarter but increased 7% from the fourth quarter of 2013.<\/li>\n<li>The number of sales decreased 5% year-over year,\u00a0from 41,546 in 2013 to 39,518 in 2014.<\/li>\n<li>Not surprisingly, the biggest price gains were in the <a title=\"Search recently sold homes in Manhattan, NY on PropertyShark\" href=\"https:\/\/www.propertyshark.com\/mason\/info\/Home-Value\/NY\/Manhattan\/\" target=\"_blank\" rel=\"noopener\">Manhattan<\/a> submarket, where the median sale price hit $941,882 in the fourth quarter of 2014.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Luxury_Market_Thriving_in_NYC\"><\/span>Luxury Market Thriving in NYC<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>NYC\u2019s luxury residential market has eyes set in one direction only: up. The number of sales over $5M completed in 2014 climbed 26% from 2013.<\/p>\n<p><strong>The highest number of closed luxury sales was registered in Manhattan<\/strong>, where developers build for sky-high prices. There were a total of 757 home sales with prices above $5 million completed in Manhattan in 2014, up 25% from 2013.<\/p>\n<p><a href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/Growth-in-the-Number-of-Luxury-Homes-Sold-in-Manhattan-2012-2013.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16114\" src=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/Growth-in-the-Number-of-Luxury-Homes-Sold-in-Manhattan-2012-2013.jpg\" alt=\"Growth in the Number of Luxury Homes Sold in Manhattan\" width=\"502\" height=\"263\" srcset=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/Growth-in-the-Number-of-Luxury-Homes-Sold-in-Manhattan-2012-2013.jpg 502w, https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2015\/02\/Growth-in-the-Number-of-Luxury-Homes-Sold-in-Manhattan-2012-2013.jpg?resize=300,157 300w\" sizes=\"auto, (max-width: 502px) 100vw, 502px\" \/><\/a><\/p>\n<p>One57, the stunning Midtown skyscraper at <a title=\"Research property on PropertyShark.com\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/128195084\/157-W-57-St-New-York-NY-10019\/\" target=\"_blank\" rel=\"noopener\">157 West 57th Street<\/a>, contributes heavily to the soaring median prices in the luxury segment. Condos in this ultra-high-end building sell for top dollar, with the latest sale breaking the $100 million barrier. According to <a title=\"Read the story on The New York Times\" href=\"http:\/\/www.nytimes.com\/2015\/01\/25\/realestate\/100-4-million-dollar-sale-at-one57.html\" target=\"_blank\" rel=\"noopener\">The New York Times<\/a>, a 10,923-square-foot duplex penthouse at the pinnacle of the tower sold for a whopping $100.5 million, making it the most expensive apartment ever sold in NYC.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Priciest_Neighborhoods_in_2014\"><\/span>Priciest Neighborhoods in 2014<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>SoHo<\/strong> and <strong>TriBeCa<\/strong> lead the pack as NYC\u2019s most expensive places to buy a home, with the median prices reaching $2,717,500 and $2,573,041, respectively.<\/p>\n<p>A pair of newly popular Brooklyn neighborhoods found their way into the top 10 <a title=\"See the complete list of NYC\u2019s top 50 priciest neighborhoods on the PropertyShark blog\" href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/2015\/02\/13\/nycs-top-50-priciest-neighborhoods\/\" target=\"_blank\" rel=\"noopener\">priciest neighborhoods<\/a>, while two perennial favorites &#8211; the Upper West Side and the Upper East Side &#8211; were pushed out of the top 10 list.<\/p>\n<p>With a median price of $1,399,500 and an increase of 47% y-o-y, Brooklyn\u2019s <strong>Dumbo<\/strong> came in fourth. The large median price increase in Dumbo is partly attributable to closings at <a title=\"Research the property on PropertyShark.com\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/133214766\/185-Plymouth-St-Brooklyn-NY-11201\/\" target=\"_blank\" rel=\"noopener\">185 Plymouth Street<\/a> where 10 sales with a median price of $3,016,020 were recorded in 2014.<\/p>\n<p>Another unexpected presence in the top 10 list, <strong>Columbia Waterfront District<\/strong>, recorded a spectacular jump in home prices. The median price in the neighborhood was $1,195,000 in 2014, which is 83% higher than the $654,636 median price recorded in 2013. This huge increase was partly due to the high selling prices of units in a boutique condo building at <a title=\"Research the property on PropertyShark.com\" href=\"https:\/\/www.propertyshark.com\/mason\/Property\/137847011\/255-Columbia-St-Brooklyn-NY-11231\/\" target=\"_blank\" rel=\"noopener\">255 Columbia Street<\/a>. The 12 units in this upscale development that were sold in 2014 went for a median price of $1,272,813.<\/p>\n<p>Care to see which New York City properties sold the most units in 2014? Check out <a title=\"Top 10 Best-Selling Buildings in NYC in 2014\" href=\"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/2015\/01\/28\/top-10-best-selling-buildings-in-new-york-city\/\" target=\"_blank\" rel=\"noopener\">NYC\u2019s Top 10 Best-Selling Buildings here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In New York City, the real estate market is as hot as it has ever been. Whether it\u2019s local or international buyers, everybody wants a piece of the Big Apple. This huge demand for urban living has driven property prices up over\u00a0the past 5 years, with the median price for a NYC home peaking at&hellip;<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[349,89,328],"tags":[752,763,762,751],"class_list":["post-16044","post","type-post","status-publish","format-standard","hentry","category-brooklyn-real-estate","category-manhattan-real-estate","category-new-york-real-estate","tag-home-sales-in-manhattan","tag-luxury-sales-in-manhattan","tag-median-sale-price-of-a-nyc-home","tag-nyc-housing-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYC Home Prices Up 2% in 2014, Luxury Market Thriving<\/title>\n<meta name=\"description\" content=\"The NYC residential sales market is as hot as it has ever been. 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