NEW YORK, Sept. 26, 2018 /PRNewswire/ -- Home prices
in Queens rose 7.1 percent since
last year, reaching a new high of $536,028, according to the August 2018 StreetEasy Market
Reportsi. Home prices in Queens are now 23 percent higher than they
were in 2013, driven largely by the overwhelming demand for
affordable homes across the city.
Despite the fast pace of price growth, Queens remains relatively affordable compared
to Manhattan and Brooklyn where prices were stagnant at
$1,154,908 and $726,874, respectively. Queens also had the highest share of price
cuts in the city at ten percent, up 3.4 percentage points over last
year. Queens homes moved off the
market quickly, selling after a median of 62 days, more than a
month faster than the 99 days homes spent on the market in
Manhattan.
"Queens was hit hard by the
financial crisis and had a slower recovery from the recession, but
now both inventory levels and prices are on the rise," says
StreetEasy Senior Economist Grant
Long. "Although demand for homes in the borough is up, home
shoppers will continue to find good value and a lot of options.
Buyers should remain confident and be prepared to negotiate."
See below for additional rental and sales market trends across
Manhattan, Brooklyn and Queens.
August 2018 Key Findings —
Manhattan
- Sales prices have plateaued. The StreetEasy Manhattan
Price Indexii dipped 0.3 percent year-over-year to
$1,154,908. Prices in Upper
Manhattaniii, the least expensive submarket, rose 3.4
percent, reaching a new high of $552,516.
- There are now over 1,000 more homes on the market than there
were at this time last year. Over the summer, total sales
inventory in Manhattan dipped
since hitting record levels this spring. The pace of growth is
still rising, however, with inventory levels across the borough up
16.6 percent year-over-year.
- Eight percent of homes had their prices cut. The share
of sales with price cuts was up 1.8 percentage points
year-over-year following an influx of new inventory. Buyers were
more likely to find price cuts in Upper Manhattan and the Upper
West Sideiv where nine percent of homes had their prices
cut in August.
- Rents reached an all-time high. The StreetEasy Manhattan
Rent Indexv reached an all-time high of $3,240, an increase of 1.9 percent over last
year.
- Nearly 16 percent of rentals advertised concessions. The
share of rentals with concessionsvi rose 6.1 percent in
the past month, but dropped 1.1 percentage points since last year.
Renters were more likely to find concessions in
Midtownvii where 22.6 percent of rentals offered a
concession - up 1.7 percentage points from last year.
August 2018 Key Findings —
Brooklyn
- Home prices stagnated since last year. The StreetEasy
Brooklyn Price Index remained unchanged from the previous year at
$726,874. North Brooklynviii, the most
expensive submarket, saw a price increase of 1.6 percent reaching
$1,157,295.
- Inventory rose across the borough, except in North Brooklyn. Sales inventory increased
14 percent annually in Brooklyn.
North Brooklyn was the only
submarket to experience a dip in inventory, down 8.3 percent
compared to this time last year.
- North Brooklyn homes sold
one month faster. North
Brooklyn homes spent a median of 70 days on the market - 30
days less than August 2017.
- Rents reached an all-time high. The StreetEasy Brooklyn
Rent Index rose 1.4 percent from last year to an all-time high of
$2,605.
- The number of rentals offering concessions fell. The
share of rentals with concessions dropped 1.7 percentage points
since last year, with 13.5 percent of units advertising concessions
in August.
August 2018 Key Findings —
Queens
- Prices continued to rise. The StreetEasy Queens Price
Index rose since last summer, following the same pattern since
2013. Prices rose 7.1 percent year-over-year to $536,028.
- Sales inventory reached its second highest level.
Queens inventory reached near peak
level, rising 4.7 percent from last year. Despite the gains, the
rate of growth is still slower than that of Manhattan and Brooklyn.
- Queens saw the highest
share of price cuts. The share of for-sale homes offering price
cuts rose 3.4 percentage points, reaching 10.2 percent.
- Rents rose slightly. Queens rents saw a slight 0.5 percent increase
in August with the StreetEasy Queens Rent Index reaching
$2,164. This was the first time the
borough experienced an annual increase in rents since September 2017.
- The share of rentals advertising concessions fell. 12
percent of rentals in Queens
advertised concessions in August, down 4.8 percentage points
compared to last year.
The complete StreetEasy Market Reports for Manhattan, Brooklyn and Queens, with additional neighborhood data and
graphics, can be viewed at
streeteasy.com/blog/research/market-reports/. Definitions of
StreetEasy's metrics and monthly data from each report can be
downloaded at streeteasy.com/blog/download-data/.
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 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.
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
https://streeteasy.com/blog/research/market-reports/. StreetEasy
tracks data for all five boroughs within New York City, but currently only produces
reports for Manhattan,
Brooklyn and Queens.
ii The StreetEasy Price Indices 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. Levels of
the StreetEasy Price Indices reflect average values of homes on the
market. Data on the sale of homes is sourced from the New York City
Department of Finance. Full methodology here.
iii The Upper Manhattan submarket includes Central
Harlem, East Harlem, Hamilton Heights, Inwood, Manhattanville, Marble Hill,
Washington Heights and West
Harlem.
iv The Upper West Side submarket includes Lincoln Square, Manhattan Valley, Morningside
Heights and the Upper West Side.
v The StreetEasy Rent Indices are monthly indices that
track changes in rent for all housing types and are currently
available from January 2007 in
Manhattan, January 2010 in Brooklyn and January
2012 in Queens. Each index
uses a repeat-sales method similar that used to calculate the
StreetEasy Price Indices. The repeat method evaluates rental price
growth based on homes in a given geography that have listed for
rent more than once. More details on methodology here.
vi Concessions are defined as advertised, temporary
price reductions in the form of one or more months of free rent.
StreetEasy does not include non-traditional concessions, such as
Netflix packages and discounted amenities. We also did not include
the waiving of broker's fees as concessions.
vii The Midtown Manhattan submarket includes
Roosevelt Island, Midtown, Central
Park South, Midtown South,
Midtown East and Midtown West.
viii The North Brooklyn
submarket includes Greenpoint, Williamsburg and East
Williamsburg.
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SOURCE StreetEasy