REAL ESTATE

Home Prices in Brooklyn and Queens Hit Record Highs

Homes in Brooklyn and Queens sold at record-breaking prices in the second quarter.

The median price for a home in Brooklyn was $910,000, the third all-time high in as many quarters, according to a report by Douglas Elliman compiled by appraiser Miller Samuel. In Queens it was $680,000 — the highest on record for that borough, too.

Meanwhile, the number of sales in Brooklyn clocked in at 3,427, the most for a second quarter since 2007. It’s up by 21.4 percent from the first quarter and 124.7 percent from a year ago, when the pandemic paralyzed the city.

The story in Queens is similar: Sales increased by 7.2 percent from the previous quarter and nearly doubled from a year ago to 3,517.

The activity was a reflection of what’s happening across the U.S., said Jonathan Miller, who authored the report. Mortgage rates falling has a lot to do with it, he added.

Record prices and heavy sales volume have other impacts. “These conditions are favorable to sellers that are watching the market and are partly responsible for the rise in inventory,” Miller said, referring to an increase in listings.

In Brooklyn, inventory is up nearly 27 percent year-over-year and 18 percent from the previous quarter. It would take three months for all available inventory to be sold at the current rate.

Queens inventory is up about 26 percent year-over-year and nearly 10 percent from the previous quarter. It would take 5.3 months to sell all available inventory at the current rate, down from 9.1 months a year ago.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button