April 26, 2017 Comments Off on Home Prices Blast Higher in NYC Views: 486 New York News, Top New York Stories

Home Prices Blast Higher in NYC

April 27, 2017

Super-luxury condominium sales keep pushing the average price of a home higher in New York City.

The cost of a home climbed even higher this year in New York City — rising to $1-million on average in the first quarter of 2017, up 12% compared to the year before. Condominium prices rose even more quickly — to $1.9 million in the first quarter, up 19% from the year before.

Condo prices rose 27% in Manhattan, 39% in Brooklyn and 6% in Queens.

However, the median price of a single family home also rose… to $600,000… up 7% from the year before. That’s much faster than the overall rate of inflation, signaling that demand for New York City homes is not only at the upper end of the market.

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