The average price for residential real estate in Manhattan, New York increased for luxury, new developments, and condos. Conversely, prices for re-sale and co-op properties declined slightly. In the third quarter of 2024, the average square footage price for a re-sale property was 1,404 U.S. dollars per square foot.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in New York-Newark-Jersey City, NY-NJ-PA (CBSA) (MEDLISPRIPERSQUFEE35620) from Jul 2016 to May 2025 about NJ, New York, square feet, PA, NY, listing, median, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in New York (MEDLISPRIPERSQUFEENY) from Jul 2016 to May 2025 about square feet, NY, listing, median, price, and USA.

Between 2020 and 2022, the average square footage price of one-to-three family homes in Queens, New York increased. Existing condo prices, on the other hand, fell from 1,084 U.S. dollars per square foot in the third quarter of 2020 to 844 U.S. dollars per square foot in the third quarter of 2022.

The median listing price per square foot in a given market during the specified month.

With the release of its September 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology updates and improves the calculation of time on market and improves handling of duplicate listings. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since October 2022 will not be directly comparable with previous data releases (files downloaded before October 2022) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

With the release of its November 2021 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. The methodology has also been adjusted to better account for missing data in some fields including square footage. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases (files downloaded before December 2021) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

The median listing price per square foot in a given market during the specified month.

With the release of its September 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology updates and improves the calculation of time on market and improves handling of duplicate listings. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since October 2022 will not be directly comparable with previous data releases (files downloaded before October 2022) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

With the release of its November 2021 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. The methodology has also been adjusted to better account for missing data in some fields including square footage. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases (files downloaded before December 2021) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet Year-Over-Year in New York County, NY (MEDLISPRIPERSQUFEEYY36061) from Jul 2017 to May 2025 about New York County, NY; New York; square feet; NY; listing; median; price; and USA.

The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting *** U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded ******* U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly ** percent year-on-year, and in 2022, the increase was even higher, at close to ** percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under ***** percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Orange County, NY (MEDLISPRIPERSQUFEE36071) from Jul 2016 to May 2025 about Orange County, NY; Poughkeepsie; square feet; NY; listing; median; price; and USA.

The average asking rent for Class A office space in Midtown Manhattan was 82.74 U.S. dollars per square foot in the first quarter of 2024. It was above the Manhattan average of 80.38 U.S. dollars, but below that of Midtown South, which was the most expensive district at 103.42 U.S. dollars per square foot. What is Class A real estate?Class A real estate refers to the best properties in terms of appearance, age, quality of infrastructure and location. These properties usually command the highest rental rates, due to their high quality. In the U.S., Manhattan has the most expensive rents for Class A offices.Midtown vs Midtown SouthMidtown Manhattan contains the Empire State Building, MoMA, Grand Central Station, and the United Nations Headquarters. The most expensive submarket there was Plaza District in 2024. Meanwhile, Midtown South is home to Madison Square Garden, Pennsylvania Station, Hudson Yards, and Koreatown. In 2024, the most expensive submarket there was Hudson Yards, followed by Chelsea and Hudson Square.

Housing Inventory: Median Listing Price per Square Feet in Jefferson County, NY was 147.00000 U.S. $ in April of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Listing Price per Square Feet in Jefferson County, NY reached a record high of 148.00000 in June of 2024 and a record low of 89.61313 in January of 2018. Trading Economics provides the current actual value, an historical data chart and related indicators for Housing Inventory: Median Listing Price per Square Feet in Jefferson County, NY - last updated from the United States Federal Reserve on May of 2025.

Housing Inventory: Median Listing Price per Square Feet Year-Over-Year in New York-Newark-Jersey City, NY-NJ-PA (CBSA) was -2.28% in April of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Listing Price per Square Feet Year-Over-Year in New York-Newark-Jersey City, NY-NJ-PA (CBSA) reached a record high of 32.90 in February of 2021 and a record low of -3.17 in March of 2025. Trading Economics provides the current actual value, an historical data chart and related indicators for Housing Inventory: Median Listing Price per Square Feet Year-Over-Year in New York-Newark-Jersey City, NY-NJ-PA (CBSA) - last updated from the United States Federal Reserve on May of 2025.

Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in Jefferson County, NY was 4.85% in April of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in Jefferson County, NY reached a record high of 9.98 in April of 2021 and a record low of -7.30 in October of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in Jefferson County, NY - last updated from the United States Federal Reserve on May of 2025.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Suffolk County, NY (MEDLISPRIPERSQUFEE36103) from Jul 2016 to May 2025 about Suffolk County, NY; New York; square feet; NY; listing; median; price; and USA.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Nassau County, NY (MEDLISPRIPERSQUFEE36059) from Jul 2016 to May 2025 about Nassau County, NY; New York; square feet; NY; listing; median; price; and USA.

Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in New York County, NY was 0.05% in April of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in New York County, NY reached a record high of 2.74 in January of 2022 and a record low of -3.49 in June of 2022. Trading Economics provides the current actual value, an historical data chart and related indicators for Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in New York County, NY - last updated from the United States Federal Reserve on May of 2025.

Housing Inventory: Median Listing Price per Square Feet in New York-Newark-Jersey City, NY-NJ-PA (CBSA) was 533.00000 U.S. $ in May of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Listing Price per Square Feet in New York-Newark-Jersey City, NY-NJ-PA (CBSA) reached a record high of 563.00000 in May of 2024 and a record low of 244.00000 in August of 2016. Trading Economics provides the current actual value, an historical data chart and related indicators for Housing Inventory: Median Listing Price per Square Feet in New York-Newark-Jersey City, NY-NJ-PA (CBSA) - last updated from the United States Federal Reserve on June of 2025.

In the first quarter of 2025, San Francisco, Chicago, New York, and Honolulu were some of the U.S. cities with the highest housing construction costs. Meanwhile, Phoenix had one of the lowest construction costs for high-end multifamily homes at *** U.S. dollars per square foot and Las Vegas for single-family homes between *** and *** U.S. dollars per square foot. Construction cost disparities As seen here, the construction cost for a high-end multi-family home in San Francisco in the first quarter of 2024 was over ***** more expensive than in Phoenix. Meanwhile, there were also great differences in the cost of building a single-family house in New York and in Portland or Seattle. Some factors that may cause these disparities are the construction materials, installation, and composite costs, differing land values, wages, etc. For example, although the price of construction materials in the U.S. was rising at a slower level than in 2022 and 2023, several materials that are essential in most construction projects had growth rates of over **** percent in 2024. Growing industry revenue Despite the economic uncertainty and other challenges, the size of the private construction market in the U.S. rose during the past years. It is important to consider that supply and demand for housing influences the revenue of this segment of the construction market. On the supply side, single-family home construction fell in 2023, but it is expected to rise in 2024 and 2025. On the demand side, some of the U.S. metropolitan areas with the highest sale prices of single-family homes were located in California, with San Jose-Sunnyvale-Santa Clara at the top of the ranking.

In District of Columbia, the average rent per square foot was 2.95 U.S. dollars in 2018, whereas renters in Oregon were expected to pay half as much in rent per square foot. DC was the most expensive state for renters, followed by New York, Hawaii, Massachusetts and California.

Why is DC so expensive?

District of Columbia is the center of the U.S. political system with all three branches of federal government sitting there: Congress (legislative), President (executive) and the Supreme Court (judicial). The above average household incomes of its residents mean that high rents are still sustainable for the rental market.

Limited space in DC

DC has the largest share of apartment dwellers in the country. This is most likely due to limited space, as the federal district has a much higher population density than the states. The political importance of DC and the high population density suggest that the federal district is likely to retain its spot as the most expensive rental market in the future.

Graph and download economic data for Housing Inventory: Median Listing Price per Square Feet in Westchester County, NY (MEDLISPRIPERSQUFEE36119) from Jul 2016 to May 2025 about Westchester County, NY; New York; square feet; NY; listing; median; price; and USA.