Ten neighborhoods in New York City experienced significant rental inventory growth over the past year, with Brooklyn leading the pack. Gowanus, Fort Greene, Boerum Hill, and more Brooklyn neighborhoods saw notable increases, while Queens had two entries, including Jamaica and Long Island City. The borough's median asking price rose by 10 percent to $1.1 million. In Queens, condo inventory surged nearly 30 percent, resulting in an 8 percent increase in median price to $689,000. However, the overall city sales market remains balanced, with increases in contracts and listings maintaining 75 median days on the market.
Brooklyn had the most inventory growth in the rental market over the past year, while Queens and Manhattan showed notable increases in specific neighborhoods.
The median asking price in Brooklyn rose 10 percent to $1.1 million, driven by strong buyer demand and limited inventory.
Queens experienced nearly a 30 percent increase in condo inventory, leading to an 8 percent rise in median asking price, now at $689,000.
Overall, the city's sales market remains balanced with a 6.9 percent increase in contracts and new listings both rising, keeping median days on the market at 75.
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