The Real Deal New York

Sales in Brooklyn, Queens fuel NYC’s resi market in Q2

BK prices increased 17% from prior year
July 28, 2017 09:30AM

A brownstone in Brooklyn Heights (credit: Getty)

Home sales in Brooklyn and Queens outperformed Manhattan during the second quarter — with more deals and faster-growing prices, according to a new report.

The number of sales in Queens jumped 17 percent during the quarter, compared to the prior year, followed by Brooklyn, with 15 percent growth, the Real Estate Board of New York reported. Sales in Manhattan, the most expensive borough, rose just 6 percent. Citywide, the number of residential sales increased 15 percent, according to the Wall Street Journal.

When it came to pricing, Manhattan is still the most expensive — with a median price of $1.115 million, up 5 percent. Sales in the borough accounted for half of the $13.4 billion in sales during the quarter.

But Brooklyn, which saw prices jump 17 percent, is getting closer to changing that calculus. The borough’s median price hit $775,000 during the second quarter. In Queens, the median price rose 7 percent to $481,000, while citywide the median price rose 8 percent to $630,000.

Brooklyn’s median sale price has set a new record for the past four quarters, according to a recent report by appraisal firm Miller Samuel. That report said Brooklyn’s median price shot up 21 percent, with high sales volume driven by a dip in inventory.

Across the East River, luxury properties in Manhattan have been dragging. The number of contracts signed on properties above $4 million was just 16 last week. [WSJ]E.B. Solomont