Headlines give the New York market one number. Its five boroughs have spread 28.7 points apart since 2019, and every one of them trails the US.
The four boroughs FHFA measures
FHFA publishes an annual index for four of the five boroughs. From 2019 to 2024:
- The Bronx rose 29.1% (+205.5% since 2000)
- Queens rose 23.7% (+236.4% since 2000)
- Staten Island rose 21.5% (+188.2% since 2000)
- Brooklyn rose 16.7% (+248.2% since 2000)
The US rose 54.5% over the same years.
Manhattan
FHFA builds its indexes from mortgages bought by Fannie Mae and Freddie Mac, and too few Manhattan purchases are financed that way for it to publish a Manhattan index by borough, ZIP code or census tract. So we measured Manhattan ourselves. The Good Investment comparison index follows every Manhattan home in our records that sold twice, 68,553 resales in all, and combines the price change between each pair of sales into one series, the repeat-sales method behind the Case-Shiller indexes.
By that measure, Manhattan condo prices rose 0.4% from 2019 to 2024, with a likely range of −1.1% to +1.6%. Over the longer run they are up 176.9% since 2000. Most of our Manhattan records are condos, because co-op apartments change hands as shares in a corporation and leave no deed, so we label the series as condo prices wherever it appears.
Two measures on one chart
The chart sets FHFA's borough indexes beside our Manhattan series, and each bar is labelled with its source. Both are repeat-sales indexes, which compare the same homes at two points in time, so a change in the mix of homes that happened to sell does not move them. FHFA's also counts appraisals from refinancing, and ours counts sales only.
Inside Manhattan
A borough figure can hide neighborhoods moving in opposite directions. From 2019 to 2024, condo prices in West Village rose 13.5% while Midtown South-Flatiron-Union Square fell 6.9%. The next level of this deep dive ranks Manhattan's neighborhoods one by one.