(DNAINFO) Amy Zimmer — The average price of Brooklyn homes spiked 18 percent in the span of one year, hitting a record high of $856,839, according to the third quarter sales report released Thursday from Douglas Elliman.
Queens prices also hit new heights, jumping nearly 13 percent to a record of $522,378, the report found.
Brooklyn’s prices were up across the board — whether for condos, co-ops or one to three-family homes — with the median sales price, which represents the middle of the market, rising more than 15 percent from a year ago to a record $676,250, the report found.
Low inventory continues to keep pressure on price, with the number of listings falling nearly 14 percent last quarter.
The inventory crunch also created a sense of urgency for buyers. The average number of days between a home hitting the market and going into contract shrank 40 percent year-over-year to a record low of 55 days, the Elliman report found.