Introduction to Brooklyn Home Prices
A Crown Heights row.
Photo by Susan De Vries
Average and median home prices hit new highs in Brooklyn in the first quarter, even as inventory jumped, showing continued strong demand.
Market Trends
After a period of constrained inventory followed by slight easing, the number of homes on the market rose 9.2% to 2,635 in the quarter compared to a year earlier, according to a report prepared by appraisal firm Miller Samuel for Douglas Elliman.
Price Increases
The average sale price for all types of homes sold in the quarter increased 7.7% year over year to $1,281,784. The median sale price reached $995,000, an increase of 4.7% vs. the same period a year before. Both set new records for prices in the borough, the report said.
Regional Variations
While price per square foot barely budged for condos and houses across the borough, in north Brooklyn average price per square foot leapt 19.6% to $1,367 year over year. Indicators stayed steady or ticked down slightly in northwest Brooklyn for all types of homes, including brownstones.
New Developments
Average price per square foot for new development throughout the borough, in contrast, rose by 15.5% to $1,300 for the year. In all, 2,301 homes changed hands in the first quarter.
Conclusion
The surge in inventory and the record-breaking prices in Brooklyn’s housing market in the first quarter indicate a strong and competitive market. Despite the increase in the number of homes available, demand remains high, driving prices up. This trend is likely to continue, making Brooklyn an attractive but challenging market for buyers.
FAQs
- Q: What happened to the average sale price in Brooklyn during the first quarter?
- A: The average sale price increased by 7.7% year over year to $1,281,784.
- Q: How did the median sale price change?
- A: The median sale price reached $995,000, a 4.7% increase compared to the same period the previous year.
- Q: What was the change in the number of homes on the market?
- A: The number of homes on the market rose 9.2% to 2,635 in the quarter compared to a year earlier.
- Q: Where was the most significant increase in price per square foot observed?
- A: In north Brooklyn, where the average price per square foot leapt 19.6% to $1,367 year over year.
- Q: How many homes were sold in the first quarter?
- A: 2,301 homes changed hands in the first quarter.
