Record-Breaking Prices for Condos, Coops and Houses

Homes sold for record prices on average in New York City, according to the Real Estate Board of New York’s (REBNY) Third Quarter 2017 Residential Sales Report.

“These all-time high average sales prices indicate the strong value of home types across the boroughs,” said John Banks, president of REBNY.

Strong sales at new developments are driving condominium prices higher. The new record average sales price for a condo unit in Queens was $723,000 this quarter, a 27% increase from last year’s third quarter average.

The average sales price for a cooperative apartment also increased on average to break records: 8% to $1,311,000 in Manhattan; less than 1% to $536,000 in Brooklyn and 14% to $303,000 in Queens, compared to the third quarter of 2016.

Year-over-year, the average sales price for a one-to-three family dwelling increased 10% to $1,079,000 in Brooklyn; 8% to $697,000 in Queens; and 11% to $549,000 in Staten Island.

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