UWS Home Prices Are Still More Affordable Than Pre-Pandemic

UPPER WEST SIDE, NY — New York's real estate market feels more competitive than ever, but new data shows many Manhattan neighborhoods still have more affordable prices than they did before the pandemic — including on the Upper West Side.

The new study by StreetEasy looked at the median asking rent and home sale prices for apartments across the five boroughs during the third quarter of 2021 and compares them with the same period in 2019, before COVID-19 swept New York and tanked home values.

It found that some up-and-coming neighborhoods, like Long Island City, Queens and Greenpoint, Brooklyn, have surpassed their 2019 rent prices. Much of the rest of the city, however, remains cheaper to rent or buy in than pre-pandemic.

That includes the Upper West Side, where asking rents are $200 less than they were two years ago and the median asking price for homes in the neighborhood is $250,000 less.

Despite the median asking prices being down, the actual recorded sales price on Upper West Side homes is up $4,000 in 2021.

Here's the full Upper West Side breakdown:

Q3 2021 Median Asking Rent: $3,400 (up 6.80 percent from Q3 2020, but still $200 less than the $3,400 median in 2019.)

Q3 2021 Median Asking Home Sale Price: $1.5 million (up 7.10 percent from Q3 2020, but still $250,000 less than the $1.75 million median in 2019.)

Other Manhattan neighborhoods where 2021 rents are still lower than pre-pandemic include the Upper East Side, Greenwich Village, West Harlem, Little Italy and Gramercy Park.

Overall, the Q3 market data suggests that people's interest in living in New York City "is stronger than ever," according to StreetEasy economist Nancy Wu.

"And the highly mobile renters who can afford the most expensive areas are doing everything they can to snag a lease in the neighborhood of their choosing," Wu said in a news release.

People with a lower budget should not be discouraged, Wu said, but should keep in mind that any given apartment probably has multiple people vying for it already.

"Use all the tools at your disposal to your advantage during the rental search to help save you time and money," Wu said.

Patch reporter Nick Garber contributed to this report.