NEW YORK, Sept. 29, 2017 /PRNewswire/ -- As summer came to a close, the Manhattan and Brooklyn sales markets cooled while the market in Queens remained uniquely competitive in August, according to the August 2017 StreetEasy (R) Market Reportsi.
Sales prices remained flat in Manhattan with a median of $1,163,499, and rose 3.7 percent in Brooklyn to $753,571. Home prices in Queens grew the most of the three boroughs, up 7.4 percent year-over-year to $503,864. Queens also strayed from the Manhattan and Brooklyn trend, with homes selling six days faster than in August 2016. In Manhattan, homes spent a median of 84 days on the market - up two weeks compared to this time last year - and Brooklyn homes spent 68 days on the market in August, up eight days year-over-year.
"The glut of luxury housing in Manhattan and Brooklyn has been a key driver of the slower-moving markets in those areas, and we're beginning to see the oversupply at the top of the market have a small effect on the prices of less expensive units. More affordable housing options are still limited and as a result, New Yorkers are increasingly turning to Queens for the best deals, causing home prices and competition there to spike," said StreetEasy Senior Economist Grant Long. "Heading into the fall, we expect buyers to continue to have the upper hand at the high end of the sales market, while those looking for more affordable homes will need to act fast when they see a unit they like within their price range."
August 2017 Key Findings - Manhattan
August 2017 Key Findings - Brooklyn
August 2017 Key Findings - Queens
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and graphics, can be viewed at streeteasy.com/blog/market-reports.
Region |
August 2017 |
Year- |
Median |
August 2017 |
Year- |
Manhattan |
$1,163,499 |
-0.2% |
84 |
$2,992 |
0.6% |
All Downtown |
$1,694,485 |
-1.4% |
82 |
$3,637 |
0.6% |
All Midtown |
$1,224,007 |
-0.5% |
101 |
$3,065 |
0.0% |
All Upper East Side |
$1,037,826 |
1.2% |
78 |
$2,653 |
1.3% |
All Upper Manhattan |
$476,584 |
-1.7% |
73 |
$2,215 |
2.3% |
All Upper West Side |
$1,105,827 |
0.2% |
80 |
$3,073 |
0.4% |
Brooklyn |
$753,571 |
3.7% |
68 |
$2,459 |
1.1% |
East Brooklyn |
$636,902 |
-1.4% |
68 |
$2,319 |
1.9% |
North Brooklyn |
$1,143,623 |
3.5% |
86 |
$3,093 |
1.0% |
Northwest Brooklyn |
$1,162,115 |
5.0% |
65 |
$2,870 |
-0.2% |
Prospect Park |
$988,024 |
0.1% |
53 |
$2,550 |
-0.5% |
South Brooklyn |
$698,706 |
7.7% |
68 |
$ 1,786 |
3.0% |
Queens |
$503,864 |
7.4% |
53 |
$1,998 |
1.4% |
Central Queens |
$513,554 |
10.6% |
53 |
$1,978 |
2.0% |
Northeast Queens |
$557,252 |
5.5% |
44 |
$1,920 |
3.3% |
Northwest Queens |
$764,911 |
6.5% |
84 |
$2,059 |
0.5% |
South Queens |
$494,922 |
7.7% |
50 |
NA |
NA |
The Rockaways |
$459,838 |
15.6% |
NA |
NA |
NA |
About StreetEasy
StreetEasy is New York City's leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the major NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey and the Hamptons.
Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG).
StreetEasy is a registered trademark of Zillow, Inc.
i The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. Every three months, a quarterly analysis is published. The report data is aggregated from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan, Brooklyn and Queens with more than a decade of history for most metrics. The reports are compiled by the StreetEasy Research team. For more information, visit http://streeteasy.com/blog/market-reports/. StreetEasy tracks data for all five boroughs within New York City, but currently only produces reports for Manhattan, Brooklyn and Queens.
ii Median resale price is measured by the StreetEasy Price Indices, monthly indices that track changes in resale prices of condo, co-op, and townhouse units. Each index uses a repeat-sales method of comparing the sales prices of the same properties since January 1995 in Manhattan and January 2007 in Brooklyn and Queens. Given this methodology, each index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Data on sale of homes is sourced from the New York City Department of Finance. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/
iii Similar to the StreetEasy Price Indices, median rents are measured by the StreetEasy Rent Indices. By including only valid and verified listings from StreetEasy and employing a repeat rentals approach, the indices emphasize the changes in rent on individual properties and not between different sets of properties. Full methodology here: http://streeteasy.com/blog/methodology-price-and-rent-indices/
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SOURCEStreetEasy