Brooklyn Home Prices Set Record as Inventory Surges in First Quarter: Reports

Average and median home prices hit new highs in Brooklyn in the first quarter even as inventory jumped, showing continued strong demand.

After a period of constrained inventory followed by slight easing, the number of homes on the market rose 9.2 percent to 2,635 in the quarter compared to a year earlier, according to a report prepared by appraisal firm Miller Samuel for Douglas Elliman.

The average sale price for all types of homes sold in the quarter increased 7.7 percent year over year to $1,281,784. The median sale price reached $995,000, an increase of 4.7 percent vs. the same period a year before. Both set new records for prices in the borough, the report said.

While price per square foot barely budged for condos and houses across the borough, in north Brooklyn average price per square foot leapt 19.6 percent to $1,367 year over year. Indicators stayed steady or ticked down slightly in northwest Brooklyn for all types of homes, including brownstones.

Average price per square foot for new development throughout the borough, in contrast, rose by 15.5 percent to $1,300 for the year. In all, 2,301 homes changed hands in the first quarter.