property

New York Home Prices Jump 3.8% in Q2, Outpacing Last Year

Citywide medians advanced 3.8 percent from April through June compared with the same stretch in 2025 as demand held firm outside Manhattan.

By New York Property Desk · Published July 10, 2026

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New York City home prices rose 3.8 percent in the second quarter versus the year-earlier period, with the city median reaching 800,000 dollars.

The increase arrives after mortgage rates leveled near 6.5 percent and sellers listed more units in Brooklyn and Queens, where new accessory dwelling unit rules took effect in January. Buyers who delayed purchases last summer now compete for the same stock, lifting values faster than in the first half of 2025.

Park Slope saw the sharpest quarterly lift, with townhouses along Union Street trading at an average 1.45 million dollars, up 5.2 percent from last year's second quarter. In Astoria, two-family homes near 21st Street posted a 4.1 percent gain, driven by commuters priced out of Manhattan co-ops that now average 1.3 million dollars.

Outer Borough Sales Data

Records from the New York City Department of Finance show 4,872 residential transactions closed between April and June, 9 percent more than the same months in 2025. Brooklyn accounted for 1,912 of those deals, while Queens recorded 1,478. The city's Accessory Dwelling Unit zoning expansion, administered through the Department of Housing Preservation and Development, added 312 permitted units in those boroughs during the quarter.

High rental demand continues to support ownership prices. Average asking rents in Long Island City climbed to 3,850 dollars a month, prompting some tenants to buy instead. Inventory citywide stands at 38,200 listings, down 6 percent from June 2025.

Next Steps for Buyers and Sellers

Agents at local firms recommend locking in financing now before any Federal Reserve move later this summer. Sellers in Bedford-Stuyvesant and Ridgewood should price within 3 percent of recent comps to avoid longer days on market, while buyers should target properties that already carry ADU approval to capture immediate income potential.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.

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