April 3, 2017 Comments Off on Home Prices Rise Quickly in Brooklyn Views: 300 New York News, Outer Boroughs New York

Home Prices Rise Quickly in Brooklyn

Home prices in Brooklyn continue to rise much faster than prices in Manhattan, according to the latest research from real estate website StreetEasy.

“Low inventory and strong demand make the perfect mix for a competitive housing landscape, and that’s what this home shopping season is shaping up to be,” said Grant Long, senior economist for StreetEasy.

Brooklyn home sale prices rose more than 5% since last February, increasing to a median resale price of $569,429, according to the February 2017 StreetEasy Market Report.

Lower-priced submarkets experienced the most sales price growth in February. East Brooklyn reported the highest year-over-year sale price growth of all Brooklyn submarkets, up 11% since last February.

While there were 2% more homes on the market in Brooklyn overall, shoppers looking in Northwest Brooklyn, East Brooklyn and Prospect Park submarkets had fewer options in February compared to last year.

Read More at StreetEasy

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