Home sales in Brooklyn and Queens lifted average home prices in New York City to a six-year high.
According to a report released by the Real Estate Board of New York, the sales gain was fuelled by up-and-coming neighborhoods in Brooklyn and Queens, where house prices have sky-rocketed.
Home sales in New York have gone up to a 6-year high, fuelled by year-over-year third-quarter increases of 31.6 percent for Brooklyn and 41.95 percent for Queens.
Dyker Heights in Brooklyn saw the average price of a home there go from $249,000 in 2012 to $587,000, a jump of 136 percent, in 2013, and in Springfield Gardens/Jamaica, Queens’ home prices have gone from and average of $105,000 to $161,000, increasing by 53 percent.
The highest prices in the two boroughs belong to Boerum Hill, Brooklyn and Jamaica Estates/Holliswood, where average home prices sit at $1.452 million and $667,000, respectively.
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Many coop properties have seen a 100 percent increase, but on average, the two boroughs saw a 64 percent jump in overall sales prices.