Stiff Supply Drives Up New York City Home Prices

Stiff inventory kept on driving costs up in much of NYC in the second quarter of this current year, as per a recently released report by StreetEasy. Queens’ homebuyers were hit the hardest by rising costs, with prices of homes rising considerably in almost every submarket. Home prices were up 1.2 percent from a year ago to $1.1 million in Manhattan, up 5.6 percent to $757,507 in Brooklyn and up 8.3 percent to $500,302 in Queens in the second quarter. The lack of accessible homes to purchase has kept the NYC market vying, and out of reach for…

Read More