Bed-Stuy Average Home Price Skyrockets in Latest Numbers

Real estate in New York City has always been a fickle thing — but the clouds might be starting to recede, particularly for homeowners in Brooklyn, according to the Real Estate Board of New York.

In a report released this week, the board examined New York City neighborhood by neighborhood, and found a 21 percent increase in home sales volume in the second quarter of 2013, compared to the previous three months. 

Average home prices also increased by six percent — hitting just under $650,000, 

Brooklyn led the way in both categories, seeing an eight percent overall increase in home sale price — hitting just under $650,000 — and a 29 percent increase in sales of one-to-three family homes. 

Steven Spinola, president of the Real Estate Board, said prices are likely to continue their climb, particularly in hot areas like Brooklyn.

“It remains to be seen what impact rising mortgage rates will have on sales activity going forward," Spinola said. "But the market overall is seeing steady gains and we anticipate the trend will continue.” 

In Bed-Stuy, the change in average home sale price has been startling. Over last year, the neighborhood saw a 13 percent jump in the average sale price of all residences, including condos, co-ops, apartments and houses. 

Average price rose from $458,000 to $518,000. That is actually down slightly from the first quarter of 2013, when they reached a peak of $532,000.

Houses alone saw a whopping 24 percent increase over 2012. 

For more information, check out the REBNY report here.