Third quarter of 2017 saw residential prices go up to new heights for homes in Brooklyn and Queens. In Brooklyn, median sale price went up to $790,000, which is $5000 below the record price hit in the borough last quarter (source: Miller Samuel quarterly report).

This indicates that the market has not yet reached its peak and is on the cusp of seeing average sales price break the $1 million threshold — $981,623 was the average sales price in Q3. Brooklyn inventory reached 1,826, a 30 percent decline compared to the same period last year.

In Queens, the median price rose 10 percent to $550,000, a record high, compared to the same time period last year. Like Brooklyn, Queens is seeing demand climb up amidst tepid supply. What’s more, the borough is benefiting from buyers who have been priced out of Brooklyn.