Happy New Year to all! The past year was interesting inside and out of the real estate market, and it appears early on that the New Year will be no less so for Brooklyn real estate.
We’ve looked at sales data from the third quarter of 2017 and compared it to the previous quarter and the previous year, and we can say that, while things aren’t moving as wildly as in the previous two years, the local market is holding steady.
In the third quarter of 2017, multi-family homes in Brooklyn, those of two-to-four families, sold for an average of $421 per square foot. In our neck of the Brooklyn woods, Cobble Hill, Carroll Gardens, Park Slope and the surrounding neighborhoods, the average prices per square foot were at the high end, with Cobble Hill leading the pack at about $864/sq. ft., followed by Carroll Gardens, $800, Boerum Hill, $719, and Park Slope, $693/sq. ft.
Compared to the 2nd quarter, Cobble Hill was up 32.92%, from $650/sq. ft., Carroll Gardens was up 28.82%, from $621, and Park Slope was down 13.7%, from $803. However, in the Slope, twenty properties were sold in the third quarter vs. just six in Q2, and larger samples tend to pull averages down. Apparently, no multi-family homes sold in Boerum Hill in all of Q2.
A year ago, the third-quarter 2016 price-per-square-foot list looked like this: Boerum Hill, $658; Park Slope, $826; Gowanus, $763; Clinton Hill, $709; and Carroll Gardens, $679. Cobble Hill tied with Williamsburg at $625.
Like the stock market, real estate prices don’t go straight up, or down. Based on what we see, the Brooklyn housing market should continue its generally steady rise in 2018, with areas a bit further away from downtown seeing prices rise more percentage-wise than in the recent past, and those closer to Manhattan holding steady, with average fluctuations based on the number and the quality of units changing hands.
We wish you all a prosperous 2018 and believe it will be another good year for the Brooklyn real estate market.