New York City housing prices rose by a stunning 4.3 percent in March to a record $1,089,600.
This is the biggest monthly gain in almost three years, according to a new report from Zillow.
The median price rose by 4.6 percent, or $9,200.
But the average price of a home is still a lot lower.
For example, in New York, a two-bedroom in Manhattan is now $2,979, up $2 from last March.
The average price for a one-bedroom apartment in Manhattan rose by $2.80, a 6.9 percent increase.
In Brooklyn, the average rose by 2.7 percent, a 5.2 percent increase over the previous month.
A 1-bedroom home in Manhattan saw a 5 percent gain in price, or about $1.5 million.
In Queens, it was 3.8 percent, down $2 million.
The highest-priced spot was in Brooklyn’s Lower East Side, with a $3.3 million median price.
The cheapest price was in the Bronx, where a $1 million median rose by about $400,000.
The city is also getting a new wave of renters, according, but this time, the demand is far lower.
In the past month, the city saw more than a million new renter applications.
The number of new renters who have moved to the city has dropped by over half, to 4.1 percent, Zillows says.
In New York alone, more than 2.5 percent of households moved in March from other states, according the Census Bureau.
Zillovision/Zillow The median sales price in Manhattan was $1 at 4,942,904, the median rent was $2 at 2,569,919, and the average monthly rent was just $131, Zuckerman said.
In Midtown Manhattan, the new median was $933, a $250 increase over March, Zorn said.
For a one bedroom, a one month rent in Manhattan costs $1195, down 3.4 percent from last month.
For the same space in Brooklyn, a 1 month rent is $1.,900, a 13.5-percent increase.
Renting in Manhattan may seem like a bargain, but it is more than that, Zellers said.
“The average rent for a studio apartment in Brooklyn is $2160, up nearly 6 percent over March,” she said.
The cost of a one to two bedroom is $3,450, a 7.3-percent jump.
In midtown Manhattan the cost of one to one room is $4,100, a 19.3 per cent increase.
Zorn says the price increase for one bedroom apartments is also outpacing the cost for two bedroom apartments.
In one year, Zimmermans median rent rose by over 5,000 percent, to $1,-824, compared to a one year rent of $1 for the same place last March, according Zilloc.
The only thing that can save Manhattan renters from being priced out is if more people are moving to the suburbs, which is happening, Zarnow said.
It has been nearly five years since Zillobes first released her report.
The New York Times has published its own report on New York rents, titled “A Real Estate Odyssey,” which has also been a bestseller.
But Zillotow and Zornz said the data was very much the opposite of what was being reported by the Times and other media outlets.
“These data are very misleading, and they don’t show the impact that a higher housing price can have on people’s housing costs,” Zornow said in a statement.
“It is important for anyone who has questions about housing costs to take a closer look at this data, especially given the very recent dramatic increase in the number of people moving to New York,” she added.
The report did say that the average apartment price in Brooklyn was down 3 percent from March, but Zillowitz said that was due to people moving away from Manhattan.
“We have not seen a decline in the median price in New Yorkers, which has been relatively flat over the past year,” she explained.