Market Snapshot – Hell’s Kitchen
Warburg’s Monthly Market Update offers a quick snapshot of the active listing metrics compared to the recent historical performance of the target area. This month we focus on the Hell’s Kitchen area performance through 2019 compared to the currently available inventory in the neighborhood. Read on for more!
PRICE SEGMENT PERFORMANCE
Thus far, through 2019, there have been 95 closed sales transactions in Hell’s Kitchen. Of these, over 57% were priced below $1 million, 37% priced between $1 – $3 million, and 6% priced between $3 – $8 million, with none over $8 million so far. The RLS reports 265 currently active listings on the market, of which 35% are listed below $1 million, 48% are listed between $1 – $3 million, 13% are listed between $3 – $8 million, 2% are listed between $8-$12 million, and 2% listed above $12 million.
PRICE TYPE PERFORMANCE
The median asking price for condos currently on the market is $1.67 million and $575,000 for co-ops versus $11 million for townhouses.
The median closed sales price in 2019 to-date is $1.16 million for condos, $550,000 for co-ops versus $3.15 million for townhouses.
