NYC Apartment Agent

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NYC Home Prices Back to Pre-Recession Levels

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NYC Prices Rise As Inventory Falls (Photo by Bruno J. Navarro)

NYC Prices Rise As Inventory Falls (Photo by Bruno J. Navarro)

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.

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Written by Bruno

2012.10.23 at 16:34

3 Responses

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  1. Doesn’t “pre-recession levels” mean bubble prices? The popping of the housing bubble caused the “great recession”. Housing prices, generally speaking, are not back at pre Oct 2008 levels.

    I just spoke with a Queens RE broker yesterday, and he thought Queens prices have continued their weaknesss over the past year, and that they may slide more after the Bush tax cuts expire.

    BC

    2012.11.30 at 15:26

    • Good question, Brian. In Manhattan and in prime areas of Brooklyn, yes, real estate sales prices headed downward after the financial crisis. But Manhattan is not the rest of the United States, and the default rate was extremely low. People who tried to buy foreclosures were finding them to be rare. New data is showing prices in Manhattan to be, on average, as much as 6 to 7 percent off their highs for 2012, but prices spiked higher in the fourth quarter and in some cases may have exceeded what they were pre-October 2008. Queens is a completely different story, and the data here does not take into account the housing stock there.

      Bruno J. Navarro

      2013.01.03 at 11:59

  2. […] NYC Home Prices Near Pre-Recession Levels […]


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