June 12, 2017
It’s not just new condominiums that are breaking price records in Brooklyn. Prices for existing homes are also rising fast.
The median resale price of a home rose to a record-breaking $584,121 in April, up 6.3% from the year before, according to StreetEasy.
Just like in other boroughs, prices are rising more quickly in the most affordable submarkets. In South Brooklyn, the median resale price rose nine percent to $441,570. In East Brooklyn, the median resale price rose 5.5 percent to $480,366.
Also, much like other boroughs, there are very few homes available for sale in the hottest submarkets. For example, there were 24% fewer homes for sale in both the Prospect Park and Northwest Brooklyn submarkets, compared to the year before.
For comments, questions or concerns, please contact Bendix Anderson