REBNY REPORT: NYC Apartment Prices Up 23%

REBNY Issues 1st Citywide Sales Report:

The average price of an apartment jumped 23 percent, while each borough recorded a higher average price for one- to three-family dwellings in the last 12 months.

According to the quarterly report, the average price for New York City apartments rose 23 percent, to $745,000, in the first quarter of 2007, compared to a year earlier, while the median price for city units rose 20 percent, to $450,000.

Average Sale Prices:

• Manhattan had the highest average sale price at $1,107,00
• Brooklyn second, at $441,000,
• Queens third, at $257,000.

In the one- to three-family category, with a significant number outside Manhattan, the average price increased 7 percent, to $595,000, while the median rose 8 percent, to $540,000.

• Manhattan came in at $3,942,000 among one-to three-family residences.
• Brooklyn was second at $643,000
• Queens was third at $580,000.

Average Price Increases for 1-3 family houses

• Manhattan led in average price increase 16 percent since last year.
• Brooklyn and The Bronx were each up 7 percent
• Queens 4 percent
• Staten Island 3 percent.

The report also found an upsurge in city apartments' average price per square foot, which rose 14 percent to $733, while the median surged 28 percent to $671.

For the complete REBNY Press Release click below
REBNY Press Release