Brooklyn Real Estate market had a solid 2016 year despite a slight drop in sales volume (-14%), which can mainly be attributed to an inventory drop of lower price point properties (<$500K) mostly replenished by new products exceeding the $1-$2M range. Prices across the board are up with an average price of $797K (+16%), median of $625K (+12%) and average PPSF of $884 (+10%). This is the first year the median price surpassed its previous high in 2008!
Sales over $2M have surged (+140% y-o-y) with DUMBO and BK Heights claiming 60% of all the sales in that price category. With more New Developments coming into the market (about 2,500 units to be launched in the next 12 months), the price trends should continue to progress as consumers target New Developments over resale condos and co-ops.
For more information, please consult the Brooklyn New Development Memorandum here!
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