The Rental Market

Manhattan's not alone: Brooklyn and Queens sales prices breaking records, too

By Lucy Cohen Blatter | July 9, 2015 - 10:03AM

Last week, we told you about the record-number of record-breakers in the Manhattan sales market during the second quarter of 2015. The the Brooklyn and Queens report is out and the news is ... more of the same.

"In Brooklyn and Queens, the records are less about about high-end new developments [as is the case in Manhattan] and more about a booming economy, low inventory levels and tight credit," says Jonathan Miller, author of the Douglas Elliman market report. "All those things coming together and price records are being broken." Translation: The outer-boroughs are becoming expensive, period.

Some of it, he says, is spillover from Manhattan being so pricey. Also, Miller says, "Brooklyn's been reinvented. It's the only borough where the median price  is currently higher than the median price record before the Lehman Brothers collapse. "(This quarter it was the second-highest median price in its history.) And Brooklyn apartments are selling faster than ever. The average marketing time for an apartment was 73 days, the shortest span Miller's seen since he started tracking the numbers in 2007.

"Marketing time in Queens is not as manic as Brooklyn, but is on the lower—18 days faster year-over-year."

Here are some numbers from the reports:

Median sales price: $605,000,  5.2 percent increase over a year ago
Number of sales: 1,735, declined 16.8 percent
Days on market: 73, down 33 percent

Median sales price: $385,001, up 8.5 percent from the same time last year
Number of sales: 2,539,  increased 5.6 percent
Days on market: 92 days, down 16.4 percent


This $600,000 two-family house in northeastern Flatbush in Brooklyn includes a three-bedroom and a two-bedroom with a finished basement.

This $388,000 three-bedroom, one-bath co-op in Forest Hills, Queens has a separate dining alcove.

If a detached house is more your thing, this $380,000 three-bedroom, one-bath colonial-style house in St. Albans, Queens comes with a two-car detached garage.


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