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.

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.

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.

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 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.

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 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.

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 in Orange County, NY (MEDLISPRIPERSQUFEE36071) from Jul 2016 to May 2025 about Orange County, NY; Poughkeepsie; 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.

The amount of office space in Midtown Manhattan amounted to 241.3 million square feet in the first quarter of 2024. This was the largest district in terms of office inventory, followed by Midtown South and Downtown Manhattan. Importance of New York for office spaceManhattan is the most famous borough of New York City, and is home to the headquarters of many international organizations as well as multinational corporations, such as the United Nations, Citi and Pfizer. The borough is also located on an island in the middle of the city, which means that the volume of space is limited in supply and that real estate is in high demand there. Asking rents in the borough are, consequently, very high. Availability of office spaceThe availability rate of office space in Manhattan varies between the districts, but is almost 17 percent on average. This means that roughly 17 percent of total rentable space is available.

The average Class B asking rent for office real estate in Manhattan in the fourth quarter of 2023 was 67.81 U.S. dollars per square foot. The district that reported the highest average Class B rent was Midtown South, where a square foot of space cost 74.02 U.S. dollars. Between the fourth quarter of 2022 and the fourth quarter of 2023, rents in Midtown South increased, while in Midtown and Downtown, they declined.

New York had one of the highest construction costs for prime offices in the United States, at over 660 U.S. dollars per square foot on average. In addition to the 541-meter One World Trade Center building, New York City also has some of the tallest skyscrapers in the United States. What element affect construction costs? Location and topography have a big impact on construction costs, for example, earthquake-prone zones have more stringent building requirements which will affect cost of materials, supplies, and labor. Increased interest in sustainability has also prompted sustainable certification across the country, most noticeably as LEED-registered offices. Slow growth of the office construction segmentThe value of new private office construction in the U.S. has kept rising in the past years, but at a slower rate than before 2019. The changes in the way people work, with part of the workforce working from home at least part of their week might have hindered investment in office real estate.

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.

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.

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.

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.

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 Month-Over-Month in New York was -1.80% in May of 2025, according to the United States Federal Reserve. Historically, Housing Inventory: Median Listing Price per Square Feet Month-Over-Month in New York reached a record high of 8.54 in July of 2020 and a record low of -4.80 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 - last updated from the United States Federal Reserve on June of 2025.