Even in New York Metropolis’s ultra-luxury actual property area of interest, some offers stand out greater than others — and none stood out greater than 220 Central Park South #50, the almost 28,000-square-foot penthouse that set the file sale value of $240 million in NYC again in early 2019.
Though the U.S. housing market has gone by means of vital adjustments since then — together with a nationwide shopping for frenzy that pushed costs as much as new heights and the following slowdown in gross sales as rates of interest and the price of residing rose — NYC’s ultra-luxury market nonetheless boasts some really spectacular choices.
Simply throughout the road from 220 CPS #50, a triplex penthouse within the supertall Central Park Tower was listed for $250 million final fall. With gross sales down in NYC’s most unique property phase as properly, it stays to be seen if it manages to set a brand new sale value file.
Whereas the possibly record-setting property waits for the correct purchaser, we had been curious to see how far the present file of $240 million would go when used to purchase common properties within the nation’s largest cities. So, we pulled the median sale costs of all 335 cities with populations of at the very least 100,000 within the U.S. and its territories to see what number of properties you would purchase in every metropolis for the worth of NYC’s costliest residence ever bought.
Key Takeaways:
- The best variety of properties may be purchased in Detroit: 4,158
- San Francisco provides solely 200 properties, the fewest among the many nation’s 50 largest cities
- California claims 10 of the 11 cities the place you possibly can afford the bottom variety of properties, together with #1 Sunnyvale with solely 156 residences
- Midwest leads with 7 of the ten cities with the best variety of properties you should purchase
- Ohio ranks as most budget-friendly state with 4 of the 5 cities the place $240M buys most properties
- Puerto Rico’s largest cities supply fewer properties than many established U.S. city facilities
NYC’s Most Costly Dwelling Sale Buys Solely 200 Houses in San Francisco However 4,158 in Detroit
First, we seemed on the 50 most populous cities within the U.S. to see how NYC’s costliest condominium ever bought would truthful towards the famously dear housing markets of enormous city facilities. Because it seems, in some markets, a $240 million funds would purchase hundreds of properties whereas, in others, it wouldn’t get you far in any respect.
As an illustration, San Francisco has lengthy been well-known for its unaffordable housing market. Even so, the most costly residence ever bought in NYC would purchase solely 200 properties in San Francisco.In the meantime,50 miles south, fellow Silicon Valley powerhouse San Jose, Calif., gave San Francisco a run for its cash: Right here, $240 million would purchase solely 243 properties.
In actual fact, in 12 of the nation’s 50 most populated cities, you would afford fewer than 400 properties. And, as yet one more reminder of California’s unaffordable value developments, the Golden State was residence to 5 of them: you would purchase simply 310 properties in Oakland; 339 in LA; 361 in San Diego; and 390 in Lengthy Seaside.
One other main West Coast main tech middle, Seattle, additionally stood out sharply: Right here, you would purchase 312 properties— simply two greater than in Oakland and the fourth-lowest quantity among the many high 50 cities within the U.S.
Again down south, Arlington, Texas, had the fifth-lowest variety of properties you would purchase, regardless of a reasonably low inhabitants in comparison with, say, San Francisco or NYC. In actual fact, $240 million may purchase simply 317 common properties in Arlington — 49 fewer than in NYC.
On the different finish of the spectrum stood 5 of the Midwest’s largest cities, in addition to 5 from the South, the place $240 million may purchase greater than 4,000 properties (Detroit) or at the very least 1,375 properties (Columbus, Ohio). On the identical time, Oklahoma Metropolis would stretch that funds to 1,420 properties, whereas a 90-minute drive would take you to the 1,538 properties you would afford in Tulsa, Okla. Then, one other 180 miles to the north would take you to Wichita, Kan., and the 1,651 properties you would afford there.
Returning to Texas, you would additionally commerce the most costly condominium ever bought in NYC for 1,430 properties in San Antonio and 1,743 in El Paso. In the meantime, Indiana would fall virtually halfway between the 2 with 1,535 properties in Indianapolis. Additional north and on the shores of Lake Michigan, $240 million would purchase 1,769 common properties in Milwaukee — the third-highest quantity among the many nation’s 50 most populous cities.
On the identical time, Memphis, Tenn., and Detroit had been the one two cities the place the priciest NYC residence ever bought might be traded for greater than 2,000 properties. Particularly, you would purchase 2,110 properties in Memphis and a whopping 4,158 in Detroit.
Commerce NYC’s Priciest Pad for 1,195 Houses in Pittsburgh & Simply 393 in Boston
Trying additional on the nation’s 50 most populated cities, $240 million would purchase 1,043 properties in Dallas and 1,368 in Baltimore and Kansas Metropolis, Mo. The identical quantity can be sufficient for closing on 794 in Las Vegas and 930 in Charlotte, N.C., in addition to 740 in Colorado Springs.
In Boston, $240 million can be sufficient to purchase solely 393 properties — the 11th lowest quantity — adopted by Portland, Ore. with 518 properties. and, Denver with 522 properties. Colorado Spring’s considerably extra reasonably priced housing market meant that the worth of the most costly NYC residence can be sufficient for 740 residences.
Hover over and examine the marked areas to see what number of properties you should purchase within the nation’s 50 largest cities with the worth of NYC’s costliest condominium:
Among the many Southwest’s largest cities, $240 million would purchase the biggest variety of properties within the area in Tucson, Ariz.: 1,349. With migration developments favoring the Southwest over the previous years some cities have seen value surge. For instance, in Mesa, Ariz., you would purchase for 890 properties and in Phoenix 864 — almost a 3rd fewer than in Tucson.
In Albuquerque, N.M., the identical funds would cowl 1,118 properties, whereas throughout the nation in Florida, you would select to purchase 650 in Miami or almost twice as many (1,179) in Jacksonville. Or, in case you’re in search of milder temperatures, you would shut on 840 properties in Raleigh, N.C. or 843 in Minneapolis in case you’re in search of a vibrant, however not too crowded artwork scene.
Notably, in California, the priciest NYC residence sale ever would purchase the biggest variety of properties in Fresno (876) and Bakersfield (882).On the identical time in Texas, Austin’s gentrification and inhabitants development diminished the variety of properties that might be purchased for a similar value as NYC’s high residential sale to 629 — simply over half of the 1,195 that might be picked up in Houston.
Get 2,500+ Houses in Seven Midwestern Cities & Much less Than 270 in 10 California Communities
When bearing in mind all 335 U.S. cities with populations of 100,000 or extra, what $240 million may purchase seems fairly completely different than within the 50 largest city facilities. Notable exceptions had been Detroit, the #1 location for the variety of properties you would purchase, whereas San Francisco and San Jose remained among the many cities with the bottom numbers of residences you would afford.
At simply 200 properties, San Francisco really tied with Santa Clara, Calif. for the third-lowest variety of properties that might be purchased for the worth of NYC’s high residential sale. Nonetheless, you’d be capable of afford even fewer properties in two equally prosperous California communities: In San Mateo, you would choose up solely 186 properties and a mere 156 in Sunnyvale.
Not solely that, however California was additionally residence to 10 of the 11 cities the place $240 million would purchase the bottom variety of properties. These included Berkeley (215), Fremont (224), Daly (265), in addition to Irvine and Carlsbad (266 every).The Golden State was joined by Washington’s Bellevue with simply 252 common properties.
However, you would purchase 3,273 properties in Dayton, Ohio, town with the second-highest variety of properties) that might be picked up for the worth of NYC’s costliest residence. Not solely that, however Dayton was really simply certainly one of 4 Ohio cities to high the nation’s 335 cities by way of what number of properties you would purchase for $240 million. It was joined by Cleveland (3,212); Akron (2,754); and Toledo (2,745).
As additional testomony to the extra budget-friendly residence value developments of the area, the Midwest claimed seven of the highest 10 cities for the best numbers of properties you would purchase with greater than 2,500 properties every. For instance, in Indiana’s South Bend, that might be sufficient for two,512 properties, whereas in Lansing, Mich., you would seize 2,515. That mentioned, the Midwest’s chokehold on the nation’s most reasonably priced areas was damaged by Brownsville, Texas, with 2,507 properties; Rochester, N.Y., with 2,577; and Jackson, Miss., with 2,582 properties.
Latest Pricing Surges Make Puerto Rico’s Main Cities Much less Inexpensive Than Bigger Areas within the Continental U.S.
Puerto Rico’s rising recognition amongst traders and homebuyers from the continental U.S. has pushed costs as much as rival and even surpass many bigger cities on the mainland. For instance, in Ponce, you would purchase 2,341 properties for the worth of NYC’s costliest residence — simply 10 greater than in Birmingham, Ala. Alongside the identical strains, in Bayamon, you would shut on 1,854 properties — the identical as in Peoria, Ailing. and 271 fewer than in Buffalo, N.Y.
Discover all 335 U.S cities with populations of 100,000 or extra to see what number of properties you would purchase for the priciest NYC residence ever bought:
Methodology
So as to decide what number of properties you should purchase for the worth of essentially the most NYC’s costliest sale in historical past, we used the newest obtainable Census information to establish all cities with populations of at the very least 100,000 residents.
To find out the median sale costs of all 335 cities of at the very least 100,000 residents, we sourced the newest obtainable housing value information from the U.S. Census Bureau’s 2021 American Neighborhood Survey’s five-year estimates.
Regional boundaries had been decided in accordance with the Census Bureau’s official Areas and Divisions designations.