House Prices Up in Manhattan, Brooklyn, and Queens: Study

NEW YORK —The real estate market in New York City is beginning to rebound after years of decline, according to a new study by StreetEasy.

Home sales prices increased in Manhattan, Brooklyn, and Queens from Q1 to Q2 this year, according to the study. StreetEasy says this is the first quarter-by-quarter home sales price increase across the borough of Manhattan in two years.

The number of homes for sale in these three boroughs also hit a record high, meaning potential homebuyers have options to choose from.

StreetEasy economist Nancy Wu explained a balanced increase in both supply and demand provides some stability in the market.

"For those shopping for a home, inventory is the most reassuring piece," Wu said in a statement. "Not only does it mean you’re more likely to find something you love, but you may have better luck negotiating as well.”

The study found that the median asking price in Manhattan rose from $1,300,000 in the first quarter of this year to $1,345,000 in the second. Prices rose in Brooklyn from $907,800 to $949,000. In Queens, the asking price only rose $1,000, from $629,000 to $630,000.

“Many people declared that this spring was the perfect time to make an offer on a home in New York City,” Wu said in a statement. “And as for the rest of this year, there are still an abundance of options on the market, mortgage rates are still low, the city is getting a sense of normalcy, and a whole generation of millennials are entering home buying age - making it the perfect storm for buyers."

Read more via StreetEasy.