what is the average price for sf homes in the five boroughs?

Asked by Carol Lowe, Bergen Beach, Brooklyn, NY Sun May 1, 2011

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Jenet Levy, Agent, New York, NY
Sun May 1, 2011
Carol,
The answer to this depends upon a myriad of factors. "Real estate is local" is the slogan of the National Association of Realtors, ans when it comes to NYC, we have to get a bit hyperlocal. The average price per square foot of homes in the five boroughs would not be a meaningful number, because each borough and each neighborhood is vastly different. Manhattan, as I'm sure you can imaging, is significantly more expensive than the other boroughs. WIthin Manhattan, there is vast variation from, for example, the Upper East Side vs. SoHo. I see that you are from Brooklyn, and again, neighborhood is everything. Park Slope is closer to Manhattan prices than to many other parts of Brooklyn.
2 votes
First Last, , 90002
Mon May 2, 2011
Do you want the "average price per square foot," or do you want to know the "median price per square foot"? I would suggest the latter.

The problem with the average (also called the mean) is that extreme values skew the results. For example, if you have a real estate market where there are a few places that sell for, say, $4000 per square foot, while most places are around $500 a square foot, the average will artificially inflate the value you get as an "average."

The median, on the other hand, is the value where half the data points are above it, and half are below it. Extreme values on either end, if few in number, tend not to lead to a result that is unrepresentative.

New York City is most definitely a real estate market with a few properties that have extreme values.

If you'd like to know how to sell your place for the highest possible price, or what you should expect to pay to buy a new place, please send me an email, I'd be happy to help! I work in Brooklyn, Manhattan, Queens and the Bronx.

Karla Harby VP
Charles Rutenberg Realty
kharby@crrnyc.com
1 vote
Anna M Brocco, Agent, Williston Park, NY
Sun May 1, 2011
Keep in mind that average does vary by exact location, size, school district, etc.; if interested in a particular property, work with an agent, he/she can provide any necessary information.
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