Queens and the Bronx are making a comeback.
Home sales rose in the double digits in both boroughs during the first quarter of the year, as competitive prices and low interest rates brought buyers back to the table, according to a report from the Real Estate Board of New York.
“These are areas with a lot of middle-income housing where low interest rates really make a difference,” REBNY senior vice president Mike Slattery said.
Overall, the New York City residential real estate market held steady in the quarter, with sales up less than 1% compared with last year, though they surged 16% from the previous quarter.
The average price of a New York City home — one- to three-family houses as well as apartments — dipped 1% to $723,000.
“There is a certain confidence level that has taken hold in the marketplace,” Slattery said.
Queens witnessed the biggest number of sales in the
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