Report: Home Prices in "Prime" Brooklyn Jump 21.6 Percent in One Year

Home prices in north and northwest Brooklyn continue to rise at a rapid pace, according to a report Ideal Properties released Wednesday. Closed sales were up 21.6 percent in the first quarter over the same period last year.

They were even up 7.1 percent from the previous quarter even though the winter tends to be a slow month for home sales. And the time from listing to closing grew shorter decreasing by 10.5 percent from the same time last year.

The report covered a large number of neighborhoods in north and northwest Brooklyn, including Red Hook, Windsor Terrace, Greenpoint, Clinton Hill and East Williamsburg. The report did not include Crown Heights or Bed Stuy.

The median sales price in the area covered was $972,000 and the price per square foot was $939, up 13.4 percent over the previous year. Prices for co-ops, condos and townhouses were all up.

Co-ops rose the most, up 22.5 percent from the previous year to $790,360. Townhouse sales were up 19.9 percent over the previous year reaching $2,649,000.

What do you make of the numbers? What do you predict for the next quarter?

Brownstone Brooklyn and Beyond: First Quarter 2015 [Ideal Properties]
Graph by Ideal Properties Group