NEW YORK (1010 WINS) — The New York City housing market is booming more than four years after a sales slowdown, according to a new StreetEasy study.
Surging demand, near-record-low mortgage rates and the city's economic reopening have led to a rebounding real estate marketplace in Manhattan, Brooklyn and Queens. Sales prices across the city have also risen.
The median asking price in Manhattan rose from $1,300,000 in the first quarter of 2021 to $1,345,000 in the second, with Brooklyn prices rising from $907,800 to $949,000. In Queens, the asking price rose only by only $1,000 to $630,000.
The study — released Thurday — also found that there is currently the first quarter-by-quarter home sales price increase across Manhattan in nearly two years, with inventory options at their highest since 2010.
This housing record is matched with findings in Brooklyn and Queens with an excess of housing choices available.
StreetEasy economist Nancy Wu said that the increase in both supply and demand has contributed to a stable housing market across the city.
"The city is regaining a sense of normalcy, and a whole generation of millennials are entering home-buying age, making it a perfect storm for buyers," she said. "For home shoppers, inventory is the most reassuring thing. Not only are you more likely to find something you love, but you may have better luck negotiating as well.”