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It has finally happened—Brooklyn has become so in demand that the median asking price for an apartment there has hit $1 million.
According to StreetEasy, which published a new analysis this week, this number is 5.3% higher than a year ago and 4.3% higher than July 2019. It is the most competitive market across all price tiers!
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Competition in Brooklyn has been ramping up because there are fewer homes for sale (inventory fell 1.9% from a year ago and 27.9% from July 2019), the real estate marketplace says. Some of this is caused by higher mortgage rates, so those with lower ones aren’t jumping to sell.
There are not many deals to be had—a typical home sold in Brooklyn received 98.4% of its original asking price, mostly unchanged from a year ago, StreetEasy says.
Most of these luxury sales in July were townhouses, with median asking prices of $5.2 million. The most expensive one was a gut-renovated, 6,354-square-foot townhouse on 271 Hicks Street in Brooklyn Heights, priced at a cool $14 million.
...Excuse us while we recover from that one.
StreetEasy says townhouses are getting more popular because of “the lifestyle they afford New Yorkers and their lower price points compared to similar homes in Manhattan.”
In July, the median asking price of all for-sale listings in Manhattan rose 11.9% from a year ago to $1.6 million in July—the highest since December 2019. That means the overall Manhattan market is becoming more expensive.
Queens is looking more and more appealing, eh?