Data Visualization on NYC Real Estate Market

Posted on May 5, 2018
The skills the author demoed here can be learned through taking Data Science with Machine Learning bootcamp with NYC Data Science Academy.

Did you ever wonder where the most popular neighborhoods are in New York City? Or which neighborhoods are the most expensive? Perhaps you’re curious about the typesΒ of properties people are buying and their median price? I had these questions in mind when I set out visualize the NYC real estate market data.Β 

About the data source

The data is found from the NYC Department of Finance Rolling Sales Data.

http://www1.nyc.gov/site/finance/taxes/property-rolling-sales-data.page

NYC Department of Finance Rolling Sales Data contains sales records dating back to 2003 that are updatedΒ monthly. For this particular project, I used sales records from the time period of March 2017 to February 2018. The variables I focused on were Boroughs, Neighborhoods, Building Types, Sales Prices and Sales Date. I also cleaned out all the zero sales prices due to transfer of ownership. In addition, I cleaned out tax class 3 and tax class 4 properties that are mostly made up of office buildings, gas stations, factories, etc.

For detailed coding and data cleaning process. See my GitHub repository by following this link:

https://github.com/phoebezzz/NYC-Property-Sales-Shiny

Now that we have our data set with residential property sales for the past 12 month, let us discover what it looks like!

 

Exploring the Shiny App

Here is the link to my Shiny App. Feel free to explore for yourself in any neighborhood or building types that interests you:

https://phoebezhou.shinyapps.io/nyc-property-sales-shiny/

Mapping out the entire year worth of transactions amount by neighborhood reveals the answer to our first question.

  • The most popular neighborhood in Manhattan is the Upper East side!

Close to 5000 properties were sold during the past 12 months, which is 5 times more than Midtown, the location in second place with a transaction amount of 1015. That indicates that the Upper East Side is the most sought after in Manhattan by far. This can be due to a number of the neighborhood features, includingΒ several reasons from fancy restaurants, shopping experiences on Madison Avenue, and the proximity to many cultural museums and beautiful Central Park.

But what kind of apartments are buyers trying to buy? Let's take a look at the pie chart for sales breakdown by building types:

  • 80% ofΒ  the sales are for elevator apartment coops and elevator apartment condos.

For frame of reference,Β elevator apartments buildings are the majority of buildings types in Manhattan

When is the peak season for NYC real estate market? The bar graph will give you a trend analysis through out the year. We can see that

  • Most of the sales happen during the summer.

This makes sense since summer time is the best time for most buyers to go out and explore options without the worry of the cold or possibly the commitment to their children’s school activities.

Data Visualization on NYC Real Estate Market

What about price?

  • Flatiron/SoHo/Tribeca turned out to be the most expensive neighborhood.

Possible reasons for for that are its proximityΒ to the action, Madison Square Park, and 5th Ave, and many office buildings. While SoHo is located at the lower side of Manhattan, filled with cute boutiques, high-end shopping and restaurants. Tribeca is slowly turning from its old industrial buildings to residential lofts that are located alongside the Hudson River with many trendy boutiques and restaurants.

Data Visualization on NYC Real Estate Market

Why the change? Take a look at the pie chart we find our answer.

  • Luxury rental buildings are driving the median sales price up for these neighborhoodsΒ to accommodate the buyers interested in living the New York Dream.

Now we have take a closer look into the New York City real estate market. What is happening in the other 4 boroughs? I created a heat map for the transactions for all 5 boroughs. The size of the bubbles are according to the sales price.

Data Visualization on NYC Real Estate Market

 

We can see that--not surprisingly--most of the high sale price transaction still took place in Manhattan, especially around Central Park and downtown. But some neighborhoods in other boroughs are on the rise. As in Williamsburg in Brooklyn and Long Island City/Flushing in Queens.Β  Large sales are also taking place in Bronx.

You can check all the detail records and filter by boroughs and sales price range on the data table on the third tab.

Further Development:

There is still so much that can be done with this data set and a lot more to find. In the future, I will like to enhance the apps to explore additional aspect including:

  1. AddingΒ  more metrics into the sales price like the per square footage price for better comparison among building types and neighborhoods.
  2. Including sales record dated 3 years back to better understanding the price trends, for example, YoY, MoM, QoQ comparison.
  3. Applying machine learning to predict future sales price and spot good investment opportunity.

 

 

 

About Author

Related Articles

Leave a Comment

No comments found.

View Posts by Categories


Our Recent Popular Posts


View Posts by Tags

#python #trainwithnycdsa 2019 2020 Revenue 3-points agriculture air quality airbnb airline alcohol Alex Baransky algorithm alumni Alumni Interview Alumni Reviews Alumni Spotlight alumni story Alumnus ames dataset ames housing dataset apartment rent API Application artist aws bank loans beautiful soup Best Bootcamp Best Data Science 2019 Best Data Science Bootcamp Best Data Science Bootcamp 2020 Best Ranked Big Data Book Launch Book-Signing bootcamp Bootcamp Alumni Bootcamp Prep boston safety Bundles cake recipe California Cancer Research capstone car price Career Career Day citibike classic cars classpass clustering Coding Course Demo Course Report covid 19 credit credit card crime frequency crops D3.js data data analysis Data Analyst data analytics data for tripadvisor reviews data science Data Science Academy Data Science Bootcamp Data science jobs Data Science Reviews Data Scientist Data Scientist Jobs data visualization database Deep Learning Demo Day Discount disney dplyr drug data e-commerce economy employee employee burnout employer networking environment feature engineering Finance Financial Data Science fitness studio Flask flight delay gbm Get Hired ggplot2 googleVis H20 Hadoop hallmark holiday movie happiness healthcare frauds higgs boson Hiring hiring partner events Hiring Partners hotels housing housing data housing predictions housing price hy-vee Income Industry Experts Injuries Instructor Blog Instructor Interview insurance italki Job Job Placement Jobs Jon Krohn JP Morgan Chase Kaggle Kickstarter las vegas airport lasso regression Lead Data Scienctist Lead Data Scientist leaflet league linear regression Logistic Regression machine learning Maps market matplotlib Medical Research Meet the team meetup methal health miami beach movie music Napoli NBA netflix Networking neural network Neural networks New Courses NHL nlp NYC NYC Data Science nyc data science academy NYC Open Data nyc property NYCDSA NYCDSA Alumni Online Online Bootcamp Online Training Open Data painter pandas Part-time performance phoenix pollutants Portfolio Development precision measurement prediction Prework Programming public safety PwC python Python Data Analysis python machine learning python scrapy python web scraping python webscraping Python Workshop R R Data Analysis R language R Programming R Shiny r studio R Visualization R Workshop R-bloggers random forest Ranking recommendation recommendation system regression Remote remote data science bootcamp Scrapy scrapy visualization seaborn seafood type Selenium sentiment analysis sentiment classification Shiny Shiny Dashboard Spark Special Special Summer Sports statistics streaming Student Interview Student Showcase SVM Switchup Tableau teachers team team performance TensorFlow Testimonial tf-idf Top Data Science Bootcamp Top manufacturing companies Transfers tweets twitter videos visualization wallstreet wallstreetbets web scraping Weekend Course What to expect whiskey whiskeyadvocate wildfire word cloud word2vec XGBoost yelp youtube trending ZORI