{"id":17385,"date":"2015-10-14T05:47:53","date_gmt":"2015-10-14T09:47:53","guid":{"rendered":"http:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=17385"},"modified":"2017-12-11T10:14:02","modified_gmt":"2017-12-11T08:14:02","slug":"a-decade-of-home-price-changes-in-nyc-reveals-a-very-divided-city","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2015\/10\/14\/a-decade-of-home-price-changes-in-nyc-reveals-a-very-divided-city\/","title":{"rendered":"A Decade of Home Price Changes in NYC Reveals a Very Divided City"},"content":{"rendered":"

Everywhere we turn these days, the real estate headlines seem to announce the same thing:\u00a0“Average home prices in Manhattan hit a new record.” Then a new\u00a0one.<\/p>\n

And it’s not just in Manhattan that home prices have been sky-rocketing month after month.\u00a0In parts of Brooklyn and Queens average home price tags are boasting staggering numbers, as if what’s happening in Manhattan has started to take effect\u00a0all over New York City. But is\u00a0the real estate boom we keep hearing about really\u00a0the rule in\u00a0the NYC real estate\u00a0market<\/a>?<\/p>\n

The map below reveals that, in reality, almost half of Brooklyn and Queens, together with several neighborhoods in Northern Manhattan show stagnation and even decreases<\/strong> in median home prices over the past decade (all values have been adjusted for inflation<\/a>).<\/p>\n

This portrays New York City as a very divided metropolis<\/strong>, but not necessarily split between rich and poor, but rather between the wealthy and the middle class. The latter, no longer able to afford homes in the formerly classy-but-affordable areas are being pushed toward South Brooklyn or Queens.<\/p>\n

Note<\/span>: The darker and lighter shades of green show increases while the red and its lighter shades show stagnation and decreases in home prices.<\/p>\n

\"NYC<\/a><\/p>\n

<\/span>Manhattan: Where Should You Have Really Invested 10 Years Ago?<\/span><\/h3>\n

\"manhattan<\/a><\/p>\n

As you might have expected, the traditionally rich\u00a0areas around Central Park have gotten more expensive to live in over\u00a0the past decade. However, the increases in home prices there were\u00a0quite modest, going\u00a0up by\u00a0only 20%.<\/p>\n

Among the pricier nabes which registered the most\u00a0significant increases were\u00a0NoLita and Chinatown<\/strong>, where the median price per square foot jumped by 79% and 75% respectively, hitting staggering values ($1,813\/sq.ft in NoLita and $1,216\/sq.ft. in Chinatown).<\/p>\n

The\u00a0most remarkable changes in the Manhattan housing market<\/strong> took place, however, in Central and East Harlem<\/strong>.<\/p>\n