New York, NY, April 23, 2015 –(PR.com)– Real estate prices continue to soar in both Brooklyn and Queens as low inventory sparks increased competition and bidding wars over apartments.
The median price for a Brooklyn apartment leaped by a whopping 25% to $550,000 in the past 12 months, the biggest jump in price in six years, according to a new first-quarter report.
The median price for a one-bedroom home went up by 19% over the past year.
The highly charged market means buyers are ready to pounce on good deals. Listings stayed on the market for an average of just 64 days in the first quarter, down 17% from a year ago.
Inventory is inching up — by 19% over 12 months — but experts say the uptick in available product is not geared toward the majority of buyers.
Insufficient inventory is coming online in the high-demand $500,000 to $1 million range, while too much inventory is coming aimed at buyers looking for properties selling for $2 million and above.
Queens buyers are facing rising prices, too.
The median price for a Queens pad went up by a jaw-dropping 20.7% to $446,434 in the past year.
There’s no relief in the rental market, either.
Studio rents are skyrocketing across the city as would-be first-time homebuyers unable to get credit opt to keep renting.
The median price for a Manhattan studio rose by 6.6% to $2,559 over the past year, while rents for Brooklyn and Queens studios went up by 10.6% and 14.5%, respectively.
The median price for a Brooklyn studio was $2,406 in the first quarter. A Queens studio cost $2,468.
Meanwhile, rental rates for larger homes remained stable across the city.
The median price for a Manhattan two-bedroom actually dropped by 1.2%, while three-bedroom homes were 15.6% cheaper than this time last year.
Bruce Anderson of Bellevue Consultants said, “As demand increases, then prices will continue to increase throughout 2015.”
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