Buyers are undoubtedly taking notice of the opportunities that lie outside of Manhattan with increases in the number of contracts signed in Brooklyn and Queens year-over-year, even though the average price per square foot increased in both boroughs.
This is likely due to the fact that the Median Listed Price in Brooklyn and Queens is 49% lower than that of Manhattan, making these outer boroughs a great place for buyers on a budget.
Read on to find out what happened in the Manhattan, Brooklyn, and Queens markets in May 2019 compared to May 2018, and search homes on triplemint.com if you are considering a purchase in one of these three NYC locations.
In Manhattan, the median listed price is down 5% and the average price per square foot is down 4%. Could this decline in prices be due to the increased demand in Brooklyn and Queens, leaving Manhattan in the dust? The number of listings is up 17%, however, signifying an increase in inventory year-over-year.
When we look at Brooklyn, every single leading indicator trended upward. Demand stayed strong with an increase of 11% in contracts signed. Because of this higher demand, the median listed price saw an increase of 9% and the average price per square foot increased by 15% year-over-year. Will the prices in Brooklyn continue to rise throughout the summer? Check back next month to find out!
With a huge increase of 66% in the number of contracts signed in Queens, buyers are absolutely flocking to this borough. Inventory is up 13% and the number of listings with price drops is up 17%, making Queens a buyer’s market with opportunities for all!
Data courtesy of OLR Market Pulse and current as of 6/10/2019.