Okay, full disclosure, we’re not actually celebrating. Real estate agents may be popping corks all around the city but we, on the other hand, are pretty bummed about the news. The second-quarter of the 2015 Corcoran report dropped today, and shows that home prices have risen to a record-breaking high. So, sorry if you’ve been telling friends you were planning to buy a place soon; looks like it’s getting damn near impossible to do so.
Not only is price per square-footage on a home sale the highest it’s been in seven years, but it’s also a 35% increase from the numbers this time last year. And that’s just referring to the market as a whole. It gets more horrifying as you get more specific. For example, the median price in new developments for a 1-bedroom has increased a whopping 70% from this time last year, going from $511,000 to $870,000.
Neighborhood-wise, Fort Greene/Clinton Hill got hit with the largest upswing among Brooklyn studio apartments. The median sale price rose 119%, going from $174,000 to $382,000. In close second was Bed-Stuy/Crown Heights with a 115% increase, going from $123,000 to $265,000.
So it looks like as per usual, it’s cheaper to live with roommates (even though they might be the worst). It also looks like you may as well resign yourself to renting until your dying day (even though it’s not much better on that side of things). Good, great, terrific; we can barely keep this smile off our faces.