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Average Home Prices Hit Record Highs in Brooklyn, Queens and Bronx: Report

By Amy Zimmer | October 24, 2016 4:43pm | Updated on October 25, 2016 5:18pm

While all five boroughs saw average home prices increase in the third quarter of 2016, compared to the year before, three boroughs set new records, according to a report released Monday from the Real Estate Board of New York.  

Average prices in Brooklyn reached $891,000 in the third quarter, $523,000 in Queens and $400,000 in The Bronx — all marking the highest prices since REBNY began tracking the data 10 years ago.

Overall, the average sales price in the city jumped 11 percent over the year to $981,000, the report found, showing the market’s ability to bounce back after a “lukewarm” second quarter.

“The slight pause felt last quarter was redirected through the hot summer season and this heightened activity sets us up for a promising remainder of 2016,” John Banks III, president of REBNY, said in a statement.

Manhattan’s priciest neighborhood was Midtown East, where the ultra luxury development 432 Park Ave. helped elevate the area’s average price by 225 percent to $6.795 million. There were 24 sales recorded in the third quarter at 432 Park Ave. that averaged $20.9 million, the report noted.

While new condos get a lot of attention, older co-ops were facing a dip in demand on the Upper East Side, where the number of co-op sales dropped 15 percent. Prices, however, remained stable at $1.5 million.

Co-op prices saw their biggest increase on Roosevelt Island, jumping 97 percent to $742,000, followed by a 63 percent jump in East Harlem, where prices hit $667,000.

In Brooklyn, average condo prices rose most in Ocean Hill/Brownsville, jumping 180 percent to $423,000, and co-op price spiked in Prospect Lefferts-Gardens 52 percent to $498,000.

In Gowanus, one-to-three family home prices surged 41 percent to $2.035 million. Also, Bedford-Stuyvesant home prices increased 19 percent to $1.284 million over the past year, yet the number of sales dipped by 29 percent to 106, the report found.

Average condo prices in Queens were up 29 percent to $568,000 in Astoria. Flushing recorded the highest number of condo sales with 86 sales, up 28 percent from the year before. The average price was $518,000, up 6 percent. Co-ops in Ridgewood saw the biggest growth at 24 percent to $195,000, on average, and Fresh Meadows homes increased 27 percent to $350,000.

In the Bronx, Parkchester/Soundview average prices for condos rose 9 percent to $151,000, and the South Bronx’s Melrose/Morrisania co-ops jumped 17 percent to $236,000. Nearby in Mott Haven/Port Morris/Hunts Point, one-to-three family home prices jumped 70 percent to $520,000.

Staten Island saw its biggest increase — 81 percent — in Arrochar, where prices average $707,000.