Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Prudential Douglas Elliman reports that in Brooklyn, a typical home sold for $485,504 from July to September, up 2 percent from the same period a year ago. But in Queens, the median price slipped 2 percent to $355,000.
According to the residential brokerage firm, housing prices rose most rapidly in the northwest part of Brooklyn, including neighborhoods like Park Slope, Fort Greene, Brooklyn Heights, Carroll Gardens and Cobble Hill, where the median price for the third quarter was up 24 percent, from $565,000 last year to $700,000 this year. The price of brownstones rose 12 percent from a year ago.
But other Brooklyn neighborhoods saw their housing prices deteriorate. The eastern part of the borough, including Bedford Stuyvesant, Brownsville, Crown Heights and East New York, saw prices fall 20 percent.
On average, Brooklyn properties sat on the market for three and a half months, down from five and a half months last year.
In Queens, median prices rose 12 percent in Astoria, Long Island City, Woodside and Sunnyside, from $436,020 to $489,000. The neighborhoods that saw the biggest drop in prices include Far Rockaway, Jamaica and Ozone Park.