Sticker Shock Over Price Per Square Foot in Manhattan
August 14, 2018
The Big Apple pushes out San Francisco as the priciest place to live when you look at what buyers are paying per square foot, according to a new report released by NeighborhoodX, a real estate and data analytics firm. In Manhattan, the priciest property is fetching $10,054 per square foot.
New York’s central area is more than twice as expensive as any other city in the U.S. on a per-square-foot basis, according to the report. Manhattan real estate garners an average of $1,773 per square foot.
Following Manhattan in per square foot costs are San Francisco, which averages $902; Boston at $586; Washington, D.C. at $515; and Miami Beach at $504.
The price per square foot can vary quite a bit within a metro. Manhattan may be top on the list for priciest per square foot real estate, but it also shows a wide range in prices. In its Inwood neighborhood, for example, prices average $447 per square foot, a long way off from its $1,773 average.
To compile the report, researchers culled data from asking prices of market-rate properties for-sale.
Updated: September 24, 2018