Murray Hill Real Estate Market Trends

Market Overview for Quarter 4, 2020


Median Sale Price

$615K

28% YoY


Median Price/Sqft

$534

-8% YoY


No. of Transactions

51

-19% YoY

Manhattan Median Sale Price

$1M

6% YoY

In Quarter 4, the median home sale price in Murray Hill was $615K, a 28% increase year-over-year. A total of 51 properties changed hands, representing a 19% contraction compared to the same month last year. The median price per square foot as of Quarter 4 was $534, an -8% YoY change. In Manhattan, the median home sale price was $1M.

Murray Hill Neighborhood Map

More affordable than surrounding neighborhoods, Murray Hill is safe, made up primarily of modern and well-maintained residences, and is known for its wide variety of ethnic eateries. Public transportation is less comprehensive than other Manhattan neighborhoods , but many buyers consider that the vivid nightlife and lower prices make the compromise well worthwhile .

Murray Hill Median Sale Price

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Median Sale Price Per Square Feet

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Real Estate Transactions in Murray Hill

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Top most expensive neighborhoods in Manhattan

Murray Hill median price compared with other neighborhoods in Manhattan

Property values in Murray Hill are lower compared to the borough of Murray Hill overall.




Murray Hill median price compared with all the neighborhoods in Manhattan

Neighborhood Borough Median Sale Price
TriBeCa Manhattan $3,563,875
SoHo Manhattan $2,700,000
NoHo Manhattan $2,700,000
Hudson Yards Manhattan $2,678,750
Central Park South Manhattan $2,237,500
NoLIta Manhattan $2,225,000
Two Bridges Manhattan $2,157,681
Civic Center Manhattan $1,900,968
Hudson Square Manhattan $1,882,812
Central Midtown Manhattan $1,845,000
Chelsea Manhattan $1,593,750
Garment District Manhattan $1,502,500
NoMad Manhattan $1,490,000
Lincoln Square Manhattan $1,465,000
West Village Manhattan $1,427,500
Carnegie Hill Manhattan $1,400,000
Chinatown Manhattan $1,266,031
Flatiron District Manhattan $1,230,000
Greenwich Village Manhattan $1,147,500
Upper West Side Manhattan $1,130,000
Lenox Hill Manhattan $1,060,000
Little Italy Manhattan $999,500
Battery Park City Manhattan $994,500
Gramercy Park Manhattan $957,500
Turtle Bay Manhattan $952,000
Clinton - Hell's Kitchen Manhattan $910,000
Roosevelt Island Manhattan $895,000
Yorkville Manhattan $846,000
Theatre District - Times Square Manhattan $825,000
Sutton Place Manhattan $800,000
East Village Manhattan $795,500
Financial District Manhattan $791,000
Manhattan Valley Manhattan $723,400
Morningside Heights Manhattan $718,000
Harlem Manhattan $715,000
Lower East Side Manhattan $700,000
East Harlem Manhattan $660,000
Kips Bay Manhattan $625,000
Murray Hill Manhattan $615,000
Washington Heights Manhattan $508,750
Inwood Manhattan $460,000
Tudor City Manhattan $327,500

Residential Properties Sold in Murray Hill

Property Type Median sale price Y-o-Y Median sale price/sqft Y-o-Y Transactions
Condos $484K 1% $635 -46% 6
Coops $256K -11% $326 -60% 20
Houses $938K 5% $523 -4% 31

The median house sale price in Murray Hill in Quarter 4 was $938K, up 5% year-over-year. However, median condo prices in Murray Hill remained flat year-over-year at $484K. Median coop sale price in Murray Hill were $256K, a change of -11% year-over-year.

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Murray Hill Neighborhood Guide

Quaker merchant Robert Murray called his mid-18th century estate "Belmont." New Yorkers just called it "Murray Hill." The townsfolk won. When developers arrived centuries later they found a provision injected into the old deed known as the "Murray Hill Restrictive Agreement" barring any commercial fouling of their cherished 25 acres. And so the neighborhood became filled with residences. Originally they were strictly upper crust, but by the end of the 1900s Murray Hill had become a magnet for recent graduates and young professionals climbing the corporate ladder. Recently those hard-charging renters have begun to stay in Murray Hill and put down roots, attracted by the convenient location, tree-lined streets and charming mix of elegant townhouses and modern residential towers.

Architecture and landmarks

Murray Hill was the stomping ground of legendary financier John Pierpont Morgan. He commissioned a library in the 200 block of Madison Avenue for his beloved books and manuscripts and Charles McKim delivered one of the city's most beautiful buildings to house the collection. The stones are so perfectly cut they required no mortar to fit together. Around the corner his son, J.P. Morgan Jr., built a magnificent Italianate townhouse. On Fifth Avenue are the homes of Tiffany & Company, B. Altman & Company and the world's most famous skyscraper, the Empire State Building. The Art Deco masterpiece has been declared one of the Seven Wonders of the Modern World and is a fixture atop the annual list of America's Favorite Architecture. On a less grand scale, the Sniffen Court Historic District on East 36th Street is a charming grouping of ten Romanesque Revival stables from the mid-1800s that have been converted into fashionable residences.

Transport

The arrival of the Second Avenue subway has made public transportation more convenient in the neighborhood. On top of that, the 4, 5 and 6 subway lines that rumble under Park Avenue have stops in Murray Hill. The crosstown 7 line is at 42nd Street. Grand Central Terminal, about nine blocks to the north is a major subway hub. A platoon of buses is available and an express service operates on both First and Second avenues. The Queens-Midtown Tunnel that surfaces in the neighborhood provides easy access to Long Island City.

Schools

Students from PK to 5th grade attend P.S. 116, the Mary Lindley Murray School, on East 33rd Street, and P.S. 281, the River School, which opened its doors in 2013. Options for older students include the Murray Hill Academy and The Churchill School and Center in Kips Bay that is a private co-ed day school.

Health

Neighborhood residents can receive emergency attention at CityMD on 37th Street, a walk-in clinic with no appointment necessary. Another walk-in facility is available on Lexington Avenue at the Midtown New York Doctors Urgent Care. The Ambulatory Care Center branch of the NYU Langone Medical Center offers a full range of outpatient services for adults and children.

Safety

Murray Hill has long been known as one of the safest neighborhoods in New York City. It is under the oversight of the 17th Precinct, which reported 12.64 crimes per 1,000 residents in 2016.

Things to do

Murray Hill is well stocked with approachable bars and restaurants catering to the first-paycheck crowd. Irish pubs are well-represented around here, with staples such as Peter Dillon's Pub, Mulligan's and Muldoon's pubs open into the late hours for lovers of beer and no-frills grub.

The Jazz Standard, just south of Murray Hill, is one of New York's biggest jazz clubs and Mondays are always turned over to a celebration of Charles Mingus. Aspirational upscale shopping is available along Park Avenue. The Morgan Library and Museum serves up a steady stream of exhibitions, educational programs, films and concerts for visitors. So does the Scandinavia House on Park Avenue, although with a decidedly more Nordic bent.

The Jazz Standard, just south of Murray Hill, is one of New York's biggest jazz clubs and Mondays are always turned over to a celebration of Charles Mingus. Aspirational upscale shopping is available along Park Avenue. The Morgan Library and Museum serves up a steady stream of exhibitions, educational programs, films and concerts for visitors. So does the Scandinavia House on Park Avenue, although with a decidedly more Nordic bent.