The New York City real estate market ended 2015 with a bang, according to market reports released this week.
Sales prices in both Manhattan and Brooklyn reached record highs in the fourth quarter, according to StreetEasy.
The median resale price in Manhattan rose 7.1% year-over-year to $1,002,008, exceeding $1 million for the first time in StreetEasy’s recorded history, the listings site reported. The median resale price in upper Manhattan, specifically, outpaced the borough as a whole, rising 14.6% to $641,882.
The overall median sales price in the borough rose 25.18% from 4Q 2014, according to MNS, fueled largely by new development sales which rose 28% from 3Q 2015, totaling at nearly $2 billion.
In Brooklyn, the median resale price rose even higher, 8.3%, in 4Q 2015 from the year before, to $537,193, StreetEasy found. But MNS reported that new development sales in the borough fell 11.2% from the previous quarter.
The number of home sales in New York City also rose in 4Q 2015 from the year before, at 3%, according to the Real Estate Board of New York. Sales increased the most in Queens, at 6% with 4,098 transactions, according to REBNY, and the Bronx, at 10% with 876.
“The residential sales market demonstrated buyer and seller confidence throughout 2015,” REBNY president John Banks said in a statement. “We are bullish on our view of New York City as a desirable place to live, especially as more buyers look beyond Manhattan for their homes.”
