NYC Home Prices Back to Pre-Recession Levels
NEW YORK — If you’re looking to buy in the metropolitan New York region, don’t wait for prices to fall any longer, as the real estate market’s bottom might have already passed.
“Both Brooklyn and Queens saw the number of available apartments plummet (16.2 percent in Brooklyn and 12.2 percent in Queens), leaving buyers to scramble for what remains and driving prices upward,” wrote New York magazine’s S. Jhoanna Robledo.
(Robledo previously featured me in an affordable-housing feature for Williamsburg, Brooklyn.)
On the other side of the equation, home prices are on the rise again, even more so in Brooklyn and Queens, where they’re back to pre-recession levels.
The median price for a house or condo in Brooklyn is $510,000, a solid 4 percent higher than last year, according to NPR’s Margot Adler. Properties in Queens, the median price is nearly $400,000, up 2 percent.
Overall, sales are up 6 percent in the city (including Manhattan), according to the Real Estate Board of New York.
Buyers waiting for prices to soften might find that they’ve missed the boat.
NPR quotes Corcoran CEO Pamela Liebman likening the market to a nearly sold-out holiday sale.
“When you walk in a store on December 24th, you buy what’s ever left on the shelf,” she said.