For years, Brooklyn has been the hottest real estate market in New York City outside of Manhattan, but there are signs that Queens is now outpacing Brooklyn.
Prices in Brooklyn fell in the second quarter of this year, while in Queens, the median luxury sales price increased 4.8 percent to $1.31 million, setting a record, according to Douglas Elliman, a real estate and property management firm. Brooklyn also saw sales volume drop, according to Mansion Global, a website that follows the global real estate market. However, that’s not to say that the Brooklyn real estate market is down as a whole.
“The median sales price in Brooklyn has been rising year after year for five-and-a-half years,” Jonathan Miller, author of Douglas Elliman’s report, told Mansion Global. “This is the first decline since 2012.” Stribling, a real estate brokerage that specializes in high-end sales, said that northwest Brooklyn (including the greater Downtown Brooklyn area) performed best and that it had the borough’s highest median price: $1.16 million.
Courtesy of: BrooklynDailyEagle.com