NYC Home Prices Remain High Despite Coronavirus Sales Dip: Study

NEW YORK CITY — The coronavirus pandemic that reshaped much of New York City left its astronomically expensive home prices largely intact, a new study found.

The Amast study — "These Are the 100 Most Expensive NYC Zip Codes of H1 2020" — found that homes typically sold for $1 million or more in 37 city ZIP codes.

It covers the first half of this year — a time when the coronavirus pandemic prompted lockdowns and largely shut down New York City's economy.

Residential home sales dropped from this point in 2019, but the median price kept level at about $764,000, the study found.

"This indicates that even with a slow-down in sales, demand for housing is still high in the Big Apple, and 9,305 residential deals closed during the first 6 months of the year," the study states.

Manhattan "unsurprisingly" topped the residential prices for New York City borough, with $1.4 million typical sales, the study states. The West Village claimed the spot of priciest city ZIP code with $4.2 million typical prices, according to the study.

In fact, most of New York City's seven-figure ZIP codes land firmly in Manhattan.

It's not until the list's number 12 slot that another borough shows up. That claimant is Queens, where the 11109 ZIP code encompassing Hunters Point fetched typical prices of $1.7 million, albeit with only three sales.

But Brooklyn edged out Queens as the second-most expensive borough overall, the study found. Homes typically sold for $835,000 in Brooklyn compared to $710,000 in Queens.

So where can New Yorkers snag a more-reasonable home price? That would be the Bronx and Staten Island, where median sale prices stood at $530,000, according to the study.

Combined, those two boroughs only landed five ZIP codes on 100-strong "most expensive" list.

Read the full report on Amast's website.