Bed-Stuy Market Heats Up as Home Prices Jump 24 Percent
By Claire Oliver on July 23, 2013 2:09pm
BEDFORD-STUYVESANT — Home sales are heating up in Bedford-Stuyvesant.
Selling prices for one-to-three-family homes in the neighborhood jumped 24 percent in the second quarter of this year, up to an average of $571,000, compared to $461,000 one year earlier, the Real Estate Board of New York said in a report released Tuesday.
Bed-Stuy also saw 222 one-to-three-family homes sold from April through June, more than any other neighborhood in the borough.
“One, it is in Brooklyn, which people find to be attractive in and of itself," said Mike Slattery, senior vice president of research for REBNY, explaining Bed-Stuy's desirability. "Two, its housing stock is appealing."
Home prices are rising across the city, with a 6 percent increase to an average of $575,000 over the past year for one-to-three-family homes, REBNY said, a trend Slattery expects to continue.
“The market, I think, continues to improve, but there’s room for it to get better,” Slattery said.
There was also a 21 percent increase citywide in the number of one-to-three-family homes sold in the second quarter of this year compared to 2012, REBNY said.
Brooklyn saw similar growth, with the total number of home sales increasing by 29 percent since last year and the average sales price rising 8 percent to $649,000, according to the report. The second hottest neighborhood in the borough was East New York/Spring Creek, which saw 134 home sales.
In Manhattan, the Upper East Side topped the list of neighborhoods with the most one-to-three-family dwelling sales. With 754 last quarter, it was the most active neighborhood citywide.
“The Upper East Side has been a strong, stable, vibrant neighborhood for a very long time, which is a large part of why sales activity continues to be strong there,” Slattery said.
There’s a growing demand for the neighborhood’s limited inventory, Slattery said, and with bidding wars making headlines, existing homeowners are seeing more opportunities to sell at higher prices.
In Queens, Flushing saw the most one-to-three-family home sales, while the area encompassing Parkchester, Westchester Square, Castle Hill and Soundview topped the list for The Bronx.