Chelsea has been one of New York City’s most desirable neighborhoods for decades, and its thriving real estate market is evidence. During the first quarter of 2023, 81 residential sales had already been completed, and 314 properties were for sale.
Of the sold properties, 46% were priced at less than $1 million. Another 43% were in the $1 million-$3 million range. Nine percent of the sold units cost $3 million-$8 million, and the remaining 2% were in the $8 million-$12 million range.
Yet properties priced at less than $1 million made up only 18% of the residential properties for sale as of late March 2023. The plurality—41%—were priced at $1 million-$3 million. For another 30% of the properties, the asking price was $3 million-$8 million. Another 6% had an asking price of $8 million-$12 million, and 5% were priced above that.
To put it another way, of the 314 residential properties on the market, the median price for co-ops was $1.1 million, for condos $3.3 million, and for townhouses $8.12 million.
As of late March 2023, 154 residential rental units were available in Chelsea. Nearly a third of those (31%) cost at least $9,000 a month. Almost as many (30%) were renting for $5,000-$9,000 a month, and 27% were asking $3,500-$5,000 a month. The monthly rent for 11% of the units fell in the $2,500-$3,500 range, with just 1% available for less.
The median monthly rent for available studios in Chelsea was $3,400. On the other end of the market, the median rent for units with at least four bedrooms was $32,000. In between, the median monthly rent for available one-bedroom units was $4,775, for two-bedroom units $8,998, and for three-bedroom units $14,995.
Data Source: Perchwell
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