Land prices in Manhattan and Brooklyn are soaring.
But not so fast.
The median price of a home in Manhattan is now about $8 million, according to Trulia, a data-analysis firm that tracks the market.
And that’s in Manhattan.
The average home price in Brooklyn is about $2 million.
And the median price in Queens is about the same as Manhattan.
The median price for a home on the West Coast is still lower than in the Mid-Atlantic.
But that’s only because it is so expensive there, Trulia says.
So while median home prices are still relatively low, the median home price is still far above the median salary.
The average home on average is $1,834,000.
The price of the median household in Manhattan rose 7.4% in the first quarter of 2019 to $3,069,000, according the New York Times.
That was more than double the 8.2% gain in Brooklyn, according in the same report.
Trulia predicts that median home values in Manhattan will rise 8% this year.
But in Brooklyn they will rise 4.7%.