New York City is notorious for its currently high priced housing market, especially for its expensive luxury homes and condos. In fact, the city’s most expensive condo, 220 Central Park South #50 set a record by selling at $240 million back in early 2019. With $240 million, how many homes could you buy in other cities across the U.S.?
PropertyShark’s latest report compared the price of NYC’s most expensive condo with homes in the most populous cities across the country to determine how many homes could be purchased with the price of the condo.
The report found that the Midwest leads with seven cities in the top 10, especially in Ohio with four cities in the top 10. Meanwhile, California leads on the lower end of the spectrum with nine cities in the bottom 10, five of which are all in the bottom five.
The highest number of homes:
- Detroit, Michigan: 4,158 homes
- Dayton, Ohio: 3,273 homes
- Cleveland, Ohio: 3,212 homes
- Ackron, Ohio: 2,754 homes
- Toledo, Ohio: 2,745 homes
- Jackson, Mississippi: 2,582 homes
- Rochester, New York: 2,577 homes
- Lansing, Michigan: 2,515 homes
- South Bend, Indiana: 2,512 homes
- Brownsville, Texas: 2,507 homes
The lowest number of homes:
- Sunnyvale, California: 156
- Sant Mateo, California: 186
- San Francisco and Santa Clara, California: 200 homes
- Berkeley, California: 215 homes
- Fremont, California: 224 homes
- San Jose, California: 243 homes
- Bellevue, Washington: 252 homes
- Daly, California: 265 homes
- Irvine and Carlsbad, California: 266 homes
The takeaway:
“Although the U.S. housing market has gone through significant changes since (2019)—including a nationwide buying frenzy that pushed prices up to new heights and the subsequent slowdown in sales as interest rates and the cost of living rose—NYC’s ultra-luxury market still boasts some truly impressive offerings,” said Eliza Theiss, a senior writer for PropertyShark and author of the report. “Just across the street from 220 CPS #50, a triplex penthouse in the supertall Central Park Tower was listed for $250 million last fall. With sales down in NYC’s most exclusive property segment as well, it remains to be seen if it manages to set a new sale price record. While the potentially record-setting property waits for the right buyer, we were curious to see how far the current record of $240 million would go when used to buy average homes in the country’s largest cities.”
For the full report, click here.
