Brooklyn Home Prices Surge 18 Percent, Hottest Since Recession


    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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