The Real Deal New York

Brooklyn, Queens, Riverdale all saw record high median sales prices in Q3

Median price for Brooklyn properties was more than $800K
By Eddie Small | October 12, 2018 08:00AM

Brooklyn brownstones and  5253 Sycamore Avenue in Riverdale (Credit: iStock and Curbed NY)

It was a strong quarter for sales in Brooklyn, Queens and Riverdale.

Median sales prices hit record highs in all three areas of the city, according to the latest report from Douglas Elliman. In Brooklyn, they increased 2.3 percent year over year to hit $808,000; in Queens, they increased 4.3 percent to hit $573,500; and in Riverdale, they increased 15.2 percent to hit $345,500.

Overall sales in Brooklyn declined year over year for the third quarter in a row, while listing inventory expanded year over year for the second quarter in a row. Sales dropped by 0.5 percent to hit 2,898, and listing inventory increased 72.6 percent to hit 3,151. Properties spent 80 days on the market, down from 85 days during last year’s third quarter.

Median co-op prices in Brooklyn rose the most year over year by property type, increasing by 11.9 percent from $425,000 to $475,500. By geography, median sales prices went up the most in North Brooklyn, rising from $996,443 to about $1.2 million for an 18.2 percent increase.

Sales also declined and inventory also expanded in Queens. The number of sales dropped to 3,672, a 5 percent year-over-year decrease, while inventory rose to 5,300, an 18.1 percent year-over-year increase. Properties spent 57 days on the market, down from 81 days from the third quarter last year.

Median co-op prices in Queens also rose the most by property type year over year, increasing by 9.3 percent from $270,000 to $295,000, and median prices rose the most by region in Southern Queens by 10 percent from $475,000 to $522,367.

In Riverdale, sales and inventory both went up year over year, although sales went up much more drastically than inventory. The number of sales rose from 133 to 158 for an 18.8 percent increase, while inventory crept up from 172 to 174 for a 1.2 percent increase. Properties spent 92 days on the market, down from 115 during the third quarter last year.

Excluding the luxury market, co-ops had the largest median sales price gain year over year once again, rising from $256,875 to $283,275 for a 10.3 percent rise. Properties in the luxury market, which includes the top 10 percent of condo, co-op and one- to three-family home sales, rose from $969,500 to about $1.5 million year over year for a 59.5 percent increase.