The median sales price of homes in Brooklyn rose to $575,000 during the second quarter, an all-time record, according to a Douglas Elliman report out today. Homes in Brooklyn now sell for 6.5 percent more than they did at the peak of the last boom in 2007, and 4.5 percent more than the second quarter in 2013.
The average was also up, increasing 16.6 percent to $783,296 in the second quarter vs. a year earlier. The luxury market also set new records, although the “rate of price growth may be cooling” in Brooklyn, said the report. Meanwhile, more IT and social media workers are moving to north and northwest Brooklyn although finance industry employees are still the largest group at 21 percent, according to records Ideal Properties keeps of its buyers, reported on by DNAinfo.
The median price of single family townhouses was up significantly in the borough, rising 45 percent to $,953,000, according to a report out today from Corcoran. Prices of single-family town homes and co-ops were up sharply in some “emerging areas,” including Ditmas Park, although prices of multifamily homes decreased in many neighborhoods, and condos were up only slightly.
The median price of single-family townhouses increased 37 percent in the year period in Bed Stuy, Bushwick, PLG and Crown Heights, said Corcoran. The median price of co-ops increased 35 percent, and condos were up 4 percent in the same areas in the same period, the report said. Are we in a bubble or are these prices here to stay?