We asked the following questions of Property Shark about this report, mentioned below. Questions in bold, answers in italics:
Beyond the demand and supply balance you mentioned (more interested buyers than available stock for sale) Staten Island’s leading position in terms of resale gains is the result of the interplay of its inventory mix and geographic positioning. Specifically, the borough essentially has no co-op market and co-ops were one of the main asset types that pulled down numbers in other boroughs. Plus, its condo sector is also thin — and condos were the other main asset type that struggled to generate resale gains in the other four boroughs, especially post-2012 luxury stock.
That brings us to the other contributing factor, the limited amount of new development in the borough. Staten Island produced less new housing than any other borough, especially in terms of condo construction. This shielded Staten Island’s housing stock from the speculative condo cycle that ran through Manhattan and parts of the Brooklyn and Queens waterfronts through the 2010s.
Additionally, Staten Island trades almost exclusively in single family stock, an asset type that benefitted from strong and steady appreciation throughout the city. Not only that, put single family stock in Staten Island overall sold at a positive resale gain. Specifically, only 8% of single family home sales sold in the red, compared to 9% in the Bronx, 10% in Queens, 14% in Brooklyn and 34% in Manhattan.
Quickly circling back to condos, only 11% of the handful of condos that sold in Staten Island last year had a negative result (16 out of 155). In theory, the Bronx was the only to perform better in this asset type with only 9% selling at a loss, but in practical terms that translated to 16 of its 169 condos selling with a negative outcome. By comparison 26% of Brooklyn condos and 33% of Queens condos sold in the red last year, meaning each of these two boroughs sold more condos at a loss than the total number of condos sold on Staten Island. And of course, in Manhattan 59% had negative resale results.
NYC home sellers walked away with a median resale gain of $70K in 2025, after accounting for transaction costs on both sides of the deal, according to PropertyShark’s latest report which analyzed residential sales between 2005 and 2025.
Staten Island posted the strongest result citywide, with the typical seller clearing a $164K resale gain, more than any other borough, with positive returns across every property type, price range and purchase period.
Two- to three-family homes netted a $227K median resale gain in Staten Island, the highest property type gain in the borough. The highest neighborhood-level resale gains in the borough were led by Richmond Town at $266K. Overall, 14 of the 15 Staten Island neighborhoods logged at least $100K in median resale gain, with even Bay Terrace, the borough’s smallest gain, netting $52K.
The borough’s house heavy-inventory and the absence of a co-op market shielded it from the wave of new condos that reshaped other parts of the city in the 2010’s.
Other major findings include:
- Staten Island condos netted a $102K median resale gain, outperformed only by Brooklyn, while two- to three-family homes cleared $227K.
- Pandemic-era buyers in Staten Island walked away with $93K, more than double Brooklyn’s $39K, the next highest median resale gain for that purchase period.
- Richmond Town posted the highest median resale gain in the borough at $266K, followed by West Brighton at $242K, Westerleigh at $193K and Rossville at $188K.
- 14 Staten Island neighborhoods generated at least $100K in resale gains and even the bottom performer, Bay Terrace, netted a $52K.
For a full breakdown by borough, neighborhood, property type and purchase period, read the full report: https://www.propertyshark.com/Real-Estate-Reports/2026/06/23/nyc-resale-gains-and-losses-2005-2025/.
NYC Resale Gains & Losses: Every Borough Made Money in 2025, Except Manhattan
In 2025, NYC home-sellers mostly made money. But, in Manhattan, resales came with losses — and it was apartments and recent buyers that absorbed them.
Key Takeaways:
- NYC homeowners who sold in 2025 made a median resale gain of +$70,000
- Buying in the post-financial crash years yielded the highest gains as sellers netted +$206,000 across the city, versus pandemic-era buyers who sold with only +$9,000 left after fees and taxes
- Two- to three-family homes were the city’s most profitable resale category, generating a median resale gain of +$324,000, whereas co-ops lagged at just +$22,000
- Manhattan was the only borough with a negative median resale outcome (-$24,000), weighed down by the underperformance of condos and co-ops
- The outer boroughs drove citywide gains: Staten Island posted the highest median resale gain at +$164,000, followed closely by Brooklyn at+ $160,000, while the Bronx and Queens made close to +$100,000
- Borough Park and Fresh Meadows were the most profitable neighborhoods, clearing +$409,000 and +$370,000, respectively
- The Financial District and Central Park South took the largest losses at -$113,000 and -$92,000, respectively
- In Manhattan, 23 neighborhoods posted a negative median resale outcome, while only one Brooklyn and one in Queens were similarly in the red
NYC real estate was profitable for owners who sold in 2025 — unless it was a Manhattan apartment, especially one purchased after 2012. Analyzing 14,877 NYC transactions from 2025 shows a city with two resale markets: Manhattan versus the outer boroughs. And, consequently, apartments versus houses, with purchase timing cutting across both.
To determine resale gains and losses, we subtracted the original purchase price from the 2025 sale price and then deducted closing sales costs as well as the buying costs that the original owner paid at acquisition. These include the NYC and New York state transfer taxes, the co-op flip tax, title insurance, the mortgage recording tax, the mansion tax and the broker’s commission. Property taxes, common charges, maintenance costs and renovation or improvements expenses were not deducted.
That said, after paying all applicable transfer taxes and fees, the typical seller in any of the four outer boroughs walked away with at least some cash — from a median resale gain of +$95,000 in Queens and $$98,000 in the Bronx, up to $159,000 in Brooklyn and +$164,000 on Staten Island. However, that was not the case in Manhattan, where the typical seller lost -$24,000.
Notably, the largest resale gains were recorded in the two boroughs that had recorded the highest median sale price growth over the past two decades, with Brooklyn and Staten Island averaging 4% annual increases, versus 3% in the other three boroughs,
Purchase period
The Buyer’s Timing Trap: Post-Crash Peaks, Pandemic Near-Losses
Across NYC, buyers who closed between 2009 and 2012 produced the strongest real estate resale returns, clearing a median +$206,000 in 2025. Likewise, in every borough, the same years generated the peak returns, with Brooklyn leading at a +$389,000 median resale gain and Manhattan trailing at +$111,000.
Clearly, buying NYC real estate in the years immediately after the financial crisis returned more on resale than buying at any other point. Those buyers got the post-crash bottom in pricing and held through the long stretch of historically low Federal Reserve rates that followed. However, the returns compressed sharply for those who purchased after 2012, with the median resale gain halved for 2013-2019 buyers.
In the same way, outer borough returns also stayed positive but still contracted significantly. Staten Island was the most resilient, holding above +$90,000 even for pandemic buyers, while Manhattan flipped negative post 2012. Citywide, pandemic buyers only netted a median +$9,000, having bought during COVID price peaks just before the Fed’s 2022 hiking cycle ended the easy-money backdrop.
Property type also compounded the timing trap. Citywide co-op and condo resales both turned negative for pandemic-era buyers, losing a median -$11,000 and -$14,000, respectively. Houses, however, stayed positive in every cohort, but their magnitudes shrank: For two- to three-family homes, the median resale gain was halved for pandemic buyers.
…
Staten Island
Top Borough Performance, Even for Pandemic Buyers
Staten Island posted the strongest resale outcomes in the city, with the typical reseller clearing +$164,000. Staten Island’s inventory mix and geographic insulation explain much of its strong performance, since the borough trades almost entirely in houses and was the most insulated from Manhattan apartment dynamics.
Specifically, two- to three-family home resales cleared a median +$227,000 and single family homes netted +$176,000. Staten Island condos also cleared +$102,000, second only to Brooklyn condos citywide. Notably, the borough essentially has no co-op market, a property type that pulled down other boroughs.
Another notable factor is that Staten Island produced less new housing than any other NYC borough over the past two decades, leaving its stock outside of the speculative condo cycle that ran through Manhattan and the Brooklyn and Queens waterfronts through the 2010s.
Unlike the rest of NYC, in Staten Island even pandemic era buyers walked away with cash in their pockets, clearing a median +$93,000. By comparison, the next highest resale gain for pandemic era buyers was recorded in Brooklyn, at a much lower +$39,000. In fact, even sellers who unloaded condos bought during the pandemic fared well, netting a median +$51,000. By comparison, condos bought during the same period lost -$14,000 citywide.
But, here too, buyers from the post-crash recovery years fared best, selling with a $270,000 median gain.
The Bronx
Steady Resale Gains Fueled by Two- to Three-Family Homes
The Bronx’s 2025 real estate resale market was the smallest in terms of dollars but was also the most consistent. Specifically, only 9% of resales had negative resale outcomes for single and two- to three-family homes, as well as condos. Only co-ops logged losses across a larger share of transactions, with 29% selling at a loss. Even so, Bronx co-ops still generated a median +$25,000 in resale gains in 2025, pulled down by the losses (-$1,400) generated by pandemic buyers.
Overall, Bronx owners who sold in 2025 netted a median +$98,000, marginally outperforming Queens (+95,000). That was largely fueled by two- to three-family homes, which traded at a +$276,000 median resale gain and accounted for a third of the borough’s transactions. Notably, single family home sales cleared a median +$179,000, marginally outperforming Staten Island’s single family resale gains ($176,000).
The Bronx’s resale performance was also aided by the fact that it largely sat out of the post -2012 new development boom that pushed pricing volatility elsewhere. Notably, even Bronx condos sold at a median resale gain of $87,000.
The muted presence of the post-2012 boom that impacted other parts of NYC is a main driver in the fact that the Bronx was the only borough where 2013 to 2019 buyers had higher resale returns than 2005 to 2008 buyers. Specifically plateau era buyers netted +$118,000 on resales, while the earlier cohort netted slightly lower gains at a median +$110,000.
Even pandemic-era buyers in the Bronx came out ahead at a median of +$34,000, although here too, the largest returns came to buyers who entered the market in the post-crash recovery years, netting +$142,000.
The power of two- to three-family homes was also evidenced by the borough’s price bands. Specifically, in the $1 million to $3 million range, the Bronx returned a median resale gain of +$454,000 for the strongest result in that price tier of any NYC borough.
At Bronx price levels, that range represents the borough’s larger houses that sit in established residential pockets in eastern and north-central Bronx, quite distinct from the denser south Bronx and the co-op-heavy northwest. Specifically, Williamsbridge cleared the highest median resale gain at +$289,000, one of three Bronx neighborhoods where the median resale gain surpassed +$200,000. In fact, it was one of the 10 highest resale gains in the city.
Overall, of the 13 Bronx neighborhoods in this study, eight logged a median resale gain of $100,000 or more and even in its bottom performer, Fieldston, saw the typical seller walk away with $4,000.
For NYC Resellers, It’s the Outer Boroughs vs Manhattan Apartments
Resale results for 2025 sellers paint a picture that has been forming since the mid-2010s: For long-time NYC homeowners — those who bought before 2013 — equity in 2025 was real and substantial across every borough. But for newer buyers, particularly anyone who bought a Manhattan apartment, the math has not worked out for more than a decade.
And the conditions driving those negative resale outcomes in the borough — namely, the luxury condo supply built between 2013 and 2019, the international buyer pool that thinned starting in 2020 and the Fed’s rate environment that ended in 2022 — haven’t fully reversed. With additional burdens such as the new pied-a-terre tax, the resale math for NYC owners is looking increasingly uncertain.
Banner Image: Homebuying. Image Credit – Jakub Żerdzicki
