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Little Italy and Chinatown Home Prices

The data below shows median sales prices for Little Italy and Chinatown Manhattan homes, co-ops and condos as determined from New York City property records in December 2010. For the 3 months ending December 2010, the median sales price for all Little Italy and Chinatown homes and apartments was $1,475,0001. A history of quarterly median sales prices is below. For a less volatile look at pricing, see the 12 month rolling median price data. Affordability based on income and recorded home sales is also calculated.

Quarterly Rolling Home Price History for Little Italy and Chinatown

Compared to the 3 months ending December 2009, the combined median price for the 3 month period ending December 2010 is 19.38% lower.

The quarterly rolling median price for all homes and apartments in manhattan reached its most recent peak of $1,829,600 in December 2009. At $1,475,000, the current quarterly rolling median price is now 19.38% lower. When the quarterly rolling median price hit its lowest point (to date) of $820,000 in April 2010 it was 55.18% off the most recent peak. It has since climbed 79.88% from that post peak low.

Quarterly Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

quarterly median sales prices in Little Italy and Chinatown for houses, co-ops, condos and combined properties

History of Quarterly Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 — § — § $1,475,000 § $1,475,000 §
November 2010 $11,999,900 § — § $1,170,990 § $1,285,490 §
October 2010 $11,999,900 § — § $1,400,000 § $1,437,500 §
September 2010 $11,999,900 § — § $1,057,040 $1,064,070
August 2010 — § $1,700,000 § $1,064,070 $1,066,620
July 2010 — § $1,700,000 § $1,050,000 $1,057,040
June 2010 — § $1,700,000 § $1,097,390 $1,105,260
May 2010 — § $587,000 § $1,058,980 $1,028,430
April 2010 — § $587,000 § $835,000 $820,000
March 2010 — § $587,000 § $905,000 $850,000
February 2010 — § — § $960,000 $960,000
January 2010 $19,500,000 § $1,600,000 § $1,011,000 § $1,099,710
December 2009 $19,500,000 § $1,600,000 § $1,629,200 § $1,829,600 §

12 Month Rolling Home Price History for Little Italy and Chinatown

The 12 month rolling median price for all homes and apartments in manhattan reached its most recent peak of $1,527,380 in August 2009. At $1,029,220, the current 12 month rolling median price is now 32.62% lower. When the 12 month rolling median price hit its lowest point (to date) of $1,028,430 in June 2010 it was 32.67% off the most recent peak. It has since climbed 0.08% from that post peak low.

12 Month Rolling Median Sales Prices: Houses, CO-OPs, Condos, Combined

12 month rolling median sales prices in Little Italy and Chinatown for houses, co-ops, condos and combined properties

History of Rolling Median Sales Prices for the Last Year

Month Houses CO-OPs Condos Combined
December 2010 $11,999,900 § $1,143,500 § $1,028,430 $1,029,220
November 2010 — § — § — § — §
October 2010 $15,750,000 § $1,435,000 § $1,029,220 $1,042,180
September 2010 $15,750,000 § $1,435,000 § $1,028,430 $1,034,350
August 2010 $19,500,000 § $1,435,000 § $1,021,620 $1,028,430
July 2010 $19,500,000 § $1,700,000 § $1,028,430 $1,034,350
June 2010 $19,500,000 § $1,700,000 § $1,018,250 $1,028,430
May 2010 $19,500,000 § $1,750,000 § $1,021,620 $1,058,980
April 2010 $19,500,000 § $1,750,000 § $1,021,620 $1,094,620
March 2010 $19,500,000 § $1,750,000 § $1,018,250 $1,099,710
February 2010 $19,500,000 § $1,890,000 § $1,021,620 $1,170,000
January 2010 $19,500,000 § $1,890,000 § $1,099,710 $1,253,910
December 2009 $19,500,000 § $1,750,000 § $1,325,000 $1,390,000

Little Italy and Chinatown Home Affordability

In 2007, the median household income in Manhattan was $62,2682. Home affordability guidelines suggest that no more than 30% of household income be spent servicing a home loan. For the median Manhattan household, this would have meant that a monthly mortgage payment should not have exceeded $1,557 using the 2007 average mortgage rate of 6.34%3. Combining this with 2007 property sales records, we can calculate that the median income household could have potentially afforded approximately 4.46% of the homes and apartments sold in Little Italy and Chinatown in all of 2007.

1. All sales metrics are calculated from NYC Rolling and NYC Annual property sales. Metrics derived from rolling data are preliminary as some sales take months to report. ↩

2. Affordability data, including median income by borough, are calculated from metrics in the NYC Datamine Economic and Housing Profile datasets. ↩

3. Average mortgage rates are from Freddie Mac Primary Mortgage Market Survey Archives and do not include points. ↩

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