Home Sale Prices Higher Than Ever in Brooklyn
Prices for townhouses in the traditional brownstone belt rose a whopping 45.3 percent in the year.
Photo by Susan De Vries
Sale prices for all homes in Brooklyn set another record in the second quarter, market reports out today find. Tellingly, price per square foot — a more accurate measure — is also up.
This despite, or perhaps because of, the relatively few units on the market. However, inventory ticked up in the quarter, leading some to discern a bright lining.
In the “brownstone market,” that is one- to three-families in the northwest of the borough, price per square foot was up a whopping 45.3 percent year over year, with 84 sales in the quarter, according to appraiser firm Miller Samuel’s report for Douglas Elliman. The average price per square foot clocked in at $2,033, a 1.6 percent increase on first quarter’s $2,001 per square foot but a big leap over $1,399 a year earlier.
The median sales price for homes of all type in Brooklyn — condos, co-ops, and houses — rose 4.2 percent for both the quarter and the year from $950,000 to $990,000, Miller Samuel said. Only 2,415 units traded hands in the second quarter, out of a total of 3,345 listed. Listing inventory rose 14.5 percent over the year prior, representing 4.4 months of supply vs. 3.5 months in 2023.
“Listing inventory increased annually for the first time in nine quarters,” noted Elliman’s head of resales for New York City Richard Ferrari in a letter posted on the firm’s site.
The average price per square foot for co-op sales dropped 6 percent to $570, according to a second quarter report from Corcoran. By the same metric, condo prices rose 3 percent for the year to $1,029 for resales and $1,437 for new developments.
“Brooklyn’s real estate market in the second quarter of 2024 showed mixed signals, but the positives clearly outweighed the negatives, indicating a market on the mend,” said Corcoran’s New York sales manager Michael Sorrentino in the report. Rising prices and number of listings show “Brooklyn’s desirability and competitiveness.”
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