Brooklyn Home Prices 2015 -- Q3 Elliman Report

Low supply and increased demand has significantly amped up the average sales price for a Brooklyn home — now $856,839. That’s an increase of 18 percent from last year, according to Douglas Elliman’s Q3 report.

The borough’s median home is also the highest it’s been since 2007, hitting a new record by growing more than 15 percent from the same quarter in 2014.

Brownstone Brooklyn is particularly hot, with the average sales price rising by 28.9 percent over last year, to $2,704,844.

The price per square foot in Greenpoint and Williamsburg also saw remarkable growth. The increase of 39.5 percent from the previous period was the largest of any region in Brooklyn.

“The Brooklyn brand is taking over neighborhood after neighborhood,” Ideal Properties Group Managing Director Aleksandra Scepanovic told the Wall Street Journal. “We are talking about a different type of buyer starting to pay attention.”

And those buyers aren’t waiting around. The average number of days a home was on the market fell by 40 percent to a mere 55.

Not a bad time to sell.

[Photo: Barbara Eldredge]

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What's Your Take? Leave a Comment

  1. Not surprised specially with the big jump in price in brownstone Brooklyn.
    The inventory of brownstones is very small and the demand is big. As areas continue to gentrify, demand and price will continue to increase for some time.

  2. so let’s face it. you can build all the steel and glass buildings, condos and high tech apartments. a brownstone/limestone is something which cannot be replicated. the value is there and always will be. folks who bought in the 80s and 90s, count your lucky stars, you’re sitting on a gold mine.