The Market

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

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

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:

BROOKLYN
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

QUEENS
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

WHAT'S AVAILABLE FOR THE MEDIAN PRICE:

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.

Related:

Insane Manhattan prices are setting a "record number of records"

How to buy a NYC apartment

Why your "aspirational" NYC neighborhood may be more attainable than you think

Are the super rich leaving NYC?

6 potentially smart buys that are easy on the eyes (sponsored)

10 things we learned from an afternoon with real estate guru Jonathan Miller

 

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics: