Brooklyn Townhouse Sale Prices Jump Almost 30 Percent in the Third Quarter

Brooklyn home sales continued to boom on almost all counts in the third quarter, in line with pandemic-fueled growth nationwide and in defiance of years-long speculation the Brooklyn real estate juggernaut might be cooling.

Closed-sale prices hit new records year over year, with the average sale price for all types of homes in Brooklyn reaching $969,377, a rise of 24.4 percent compared with the same time period in 2020, according to a report prepared for Douglas Elliman by appraisal firm Miller Samuel.

However, the average price per square foot — often thought to be the most accurate gauge of value — dropped to $1,035 for condos, down 4.3 percent vs. the same period a year earlier. (The metric is not available for co-ops.) It rose significantly for one- to three-family townhouses, to $548, an increase of 29.4 percent.

A rise in interest rates or significant jump in property taxes could depress home sale prices.

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• Townhouses Close in Head-Spinning Time, Signed Contracts Up Over Last Year
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• Brooklyn Sees Surprising Gains in Real Estate Prices, Transactions and Inventory in 2021

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