As much as we hate to admit it, rent continually gets more expensive, especially in New York. But twice this year, Manhattan rents actually declined, and the median rent is now $3,396 per month, or 1.2 percent lower than last quarter. However some of the outer boroughs are setting sales records—specifically, Brooklyn and Queens have never been this expensive. Time to start entering those affordable housing lotteries, people.
In Brooklyn, for example, the median price for a home increased by 8.7 percent and is now up to $735,000; the average sales price also increased by 14.8 percent, up to $983,511. Both jumps are new records for the borough. Yay….
Housing in Queens is also soaring in price. Median home sales there are up by 10.7 percent ($499,000), and the average price increased by almost eight percent ($562,216). And—you guessed it—both broke the current record.
But perhaps the most jarring statistic is that luxury properties in Brooklyn (read: the top 10 percent of the market), are being sold at an average of $3 million. That’s 25 percent higher than last year alone. If the price of luxury homes is changing that fast, you can bet the feeling of the neighborhood is changing, too. The new Apple Store and Whole Foods in Williamsburg aren’t helping, either. So does this mean Manhattan is the new Williamsburg?
The polls are open! Vote for your favorite spots that deserve a Love New York Award.