National Real Estate Dip Reaches Brooklyn, Fourth Quarter Home Sales Reports Show

Photo by Susan De Vries

    by

    The slowdown of the Brooklyn real estate market continues, following national trends.

    Closed-sale prices for all types of homes in the borough dipped to a median sale price of $658,000 and an average price per square foot of $859. The median sale price decreased 3 percent from 2017 and is the fifth consecutive quarter of declines. The average price per square foot sunk 4 percent year over year and 7 percent for the quarter, according to a report from Corcoran.

    brooklyn homes for sale

    Chart via Corcoran

    According to a report from Brown Harris Stevens, one-to-three family homes actually had an uptick over the last year, with a current average price at $1,142,184. In brownstone Brooklyn, according to the report, the price per square foot increased by 9 percent over the last year, to an average of $940.

    The number of sales declined by 25 percent year over year in Williamsburg and Greenpoint, according to Corcoran. This is likely related to the (once) impending shutdown of the L-train, the report said, and will presumably shift again over the next year.

    brooklyn homes for sale

    Photo by Susan De Vries

    In Brooklyn Heights, Cobble Hill, Dumbo and Downtown Brooklyn, the median price per square foot dropped 19 percent year over year while average price per square foot increased 1 percent to $1,295 during the same period. Corcoran attributed the dip in median price to fewer purchases in “prime” locations — such as, perhaps, 2017’s sales at Pierhouse and not necessarily, say, the uproar over the repair plan for the Brooklyn-Queens Expressway, revealed in September. At the same time, the penthouse at The Standish sold to the actor Matt Damon for a record-breaking $16 million.

    On the flip side, South Brooklyn saw a 13 percent increase in the number of sales year over year, with a current median price of $441,000 and an average price per square foot of $591, both up 15 percent from this time last year.

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