Dumbo – Vinegar Hill – Real Estate Market Snapshot
September 21st, 2023
Dumbo is both a small neighborhood and a highly desirable one. That translates to a relative lack of available residential units. As of mid-September 2023, only 51 properties were for sale, and for the year to date, just 106 had been sold.
As for the 51 properties for sale, only 6% were priced at less than $1 million, the same percentage as those priced at more than $8 million. The asking price for 53% was in the $1 million-$3 million range, with the remaining 35% on sale for $3 million-$8 million.
Of those 106 sales, slightly more than two-thirds (68%) sold for $1 million-$3 million. Eight percent sold for less than $1 million, and 21% sold for $3 million-$8 million. All those properties were condos, with a median asking price of $2.3 million.
The Dumbo rental market is just as competitive. Only 34 residential units were available for rent as of mid-September, and none for less than $2,500 per month. The majority—53%—charged $5,000-$9,000 monthly. Another 29% rented for more than $9,000 a month, while only 18% asked for $2,500-$5,000 per month.
Not a single rental unit with more than three bedrooms was available. For three-bedroom units, the median monthly rent was $12,375. At the opposite end of the scale, the median monthly rent for studios was $3,800. The median rent for one-bedroom units was $5,500 per month; for two-bedroom units, $7,671 per month.
