2017 THIRD BROOKLYN RESIDENTIAL MARKET REPORT QUARTER
Data Highlights Cover Property: halstead.com WEB# 15453135 The average apartment price fell for the second straight quarter in Brooklyn, but remained higher than a year ago. halstead.com WEB# 11971073 Records were set for both the average and median townhouse prices. At $1,205,566 the average townhouse price was 16% higher than the third quarter of 2016. halstead.com WEB# 17437925
All Brooklyn * Average & Apartment prices averaged $845,879 in $1,000,000 $828,959 $609,500 $834,533 $650,000 $947,496 $683,726 $913,983 $736,500 $845,879 $721,775 Brooklyn, a 2% increase from 2016 s $900,000 $800,000 third quarter. $700,000 $600,000 $500,000 The average condo price per square $400,000 foot rose 13% over the past year to $994. COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $135,951 $145,630 $876 $994 $150,000 $1,000 $140,000 $950 $130,000 $900 $120,000 $850 $110,000 $800 $100,000 $750 $90,000 $700 * Includes new development and resale apartments. 3Q17 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released. Halstead 3
All Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE Prices for Brooklyn townhouses $1,041,310 $838,370 $1,025,369 $840,000 $1,082,158 $870,000 $1,084,714 $850,000 $1,205,566 $935,000 averaged a record $1,205,566 in the third quarter. $1,200,000 $1,100,000 $1,000,000 $900,000 $800,000 The median price of $700,000 $935,000 also set a record, $600,000 and was 12% higher than a year ago. AVERAGE PRICE PER SQUARE FOOT $456 $457 $459 $474 $510 $525 $500 $475 $450 $425 $400 $375 Halstead 4
Brooklyn Market Areas BROWNSTONE Boerum Hill Brooklyn Heights Carroll Gardens Clinton Hill Cobble Hill Columbia Street Waterfront District Ditmas Park Downtown Brooklyn Dumbo Fort Greene Gowanus Greenwood Heights Park Slope Prospect Heights Prospect Park South Prospect-Lefferts Gardens Red Hook South Slope Vinegar Hill Windsor Terrace CENTRAL Bedford-Stuyvesant Brownsville Bushwick Crown Heights East New York Stuyvesant Heights NORTH East Williamsburg Greenpoint Williamsburg North Side Williamsburg South Side SOUTH Bath Beach Bay Ridge Bensonhurst Bergen Beach Borough Park Brighton Beach Canarsie Coney Island Dyker Heights East Flatbush Flatbush Flatlands Gerritsen Beach Gravesend Kensington Manhattan Beach Marine Park Midwood Mill Basin Sea Gate Sheepshead Bay Sunset Park Bpage 6 Spage 12 Npage 8 Cpage 10
Brownstone Brooklyn The average apartment price fell 2% Average & $1,187,565 $870,000 $1,300,000 $1,256,168 $910,000 $1,373,532 $1,072,500 $1,298,796 $975,000 $1,164,362 $945,000 over the past year, while the median $1,200,000 price rose 9%. $1,100,000 $1,000,000 $900,000 Condo prices averaged $1,213 $800,000 $700,000 per square foot, a 10% improvement compared to a year ago. COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $225,000 $209,858 $219,286 $1,200 $1,102 $1,213 $200,000 $1,100 $175,000 $1,000 $150,000 $900 $125,000 $800 $100,000 $700 $75,000 $600 Halstead Property 6
Brownstone Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $2,263,134 $2,000,000 $2,370,860 $2,200,000 $2,355,145 $2,155,000 $2,428,314 $2,126,750 $2,605,099 $2,300,000 Both the average and median townhouse prices were 15% $2,750,000 $2,500,000 $2,250,000 higher than the third quarter of 2016. $2,000,000 $1,750,000 $1,500,000 $1,250,000 AVERAGE PRICE PER SQUARE FOOT $839 $874 $821 $914 $923 $950 $900 $850 $800 $750 $700 $650 Halstead 7
North Brooklyn Average & $1,060,316 $842,500 $1,120,873 $999,000 $1,106,511 $912,500 $1,049,180 $913,191 $1,090,865 $935,000 $1,200,000 Condo prices rose sharply in North Brooklyn, with their average price $1,100,000 $1,000,000 $900,000 per square foot 18% higher than a year ago. $800,000 $700,000 $600,000 CONDOMINIUM Average Price Per Square Foot $998 $1,182 $1,200 $1,150 $1,100 $1,050 $1,000 $950 $900 Halstead 8
North Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $2,274,600 $1,894,000 $1,858,553 $1,820,605 $2,009,059 $1,890,000 $1,849,458 $1,750,000 $2,059,683 $1,940,000 $2,500,000 The median townhouse price rose slightly over the past year, while the average price fell in North Brooklyn. $2,250,000 $2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 AVERAGE PRICE PER SQUARE FOOT $911 $876 $792 $847 $859 $1,000 $900 $800 $700 $600 $500 $400 Halstead 9
Central Brooklyn Average & Apartments in Central Brooklyn $608,001 $556,000 $627,588 $600,000 $643,964 $625,000 $752,514 $702,500 $754,114 $740,000 $800,000 posted strong price $700,000 increases compared to a year ago. $600,000 $500,000 $400,000 Condo prices rose 18% over the past $300,000 $200,000 year to an average of $774 per square foot. CONDOMINIUM Average Price Per Square Foot $657 $774 $800 $750 $700 $650 $600 $550 $500 Halstead 10
Central Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $841,161 $696,500 $861,218 $746,750 $892,215 $775,000 $887,387 $750,000 $964,985 $782,500 $950,000 $900,000 The average townhouse price $850,000 $800,000 rose 15% from a year ago to $964,985. $750,000 $700,000 $650,000 AVERAGE PRICE PER SQUARE FOOT $343 $349 $363 $355 $379 $400 $375 $350 $325 $300 $275 $250 Halstead 11
South Brooklyn Average & $408,328 $360,000 $443,018 $377,250 $430,622 $360,000 $466,743 $376,165 $449,238 $395,000 $500,000 $450,000 South Brooklyn apartment prices $400,000 $350,000 averaged $449,238, 10% more $300,000 than 2016 s third quarter. $250,000 $200,000 COOPERATIVE CONDOMINIUM Average Price Per Square Foot $79,128 $88,433 $525 $594 $90,000 $600 $85,000 $575 $80,000 $550 $75,000 $525 $70,000 $500 $65,000 $475 $60,000 $450 Halstead 12
South Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $874,782 $794,000 $881,909 $785,000 $912,567 $800,000 $915,625 $800,000 $964,485 $850,000 $1,000,000 $950,000 At $964,485, the average townhouse price was 10% higher than a year ago. $900,000 $850,000 $800,000 $750,000 $700,000 AVERAGE PRICE PER SQUARE FOOT $425 $433 $430 $441 $462 $475 $450 $425 $400 $375 $350 $325 Halstead 13
OFFICES MANHATTAN PARK AVENUE 499 Park Avenue New York, NY 10022 212.734.0010 EAST SIDE 770 Lexington Avenue New York, NY 10065 212.317.7800 WEST SIDE 408 Columbus Avenue New York, NY 10024 212.769.3000 VILLAGE 831 Broadway New York, NY 10003 212.381.6500 SOHO 451 West Broadway New York, NY 10012 212.381.4200 HARLEM 2169 Frederick Douglass Boulevard New York, NY 10026 212.381.2570 WASHINGTON HEIGHTS 819 West 187th Street New York, NY 10033 212.381.2452 RIVERDALE RIVERDALE JOHNSON 3531 Johnson Avenue Riverdale, NY 10463 718.878.1700 RIVERDALE MOSHOLU 5626 Mosholu Avenue Riverdale, NY 10471 718.549.4116 BROOKLYN BROOKLYN HEIGHTS 122 Montague Street Brooklyn, NY 11201 718.613.2000 NORTH SLOPE 76 Seventh Avenue Brooklyn, NY 11217 718.399.2222 PARK SLOPE 160 7th Avenue Brooklyn, NY 11215 718.878.1960 COBBLE HILL 162 Court Street Brooklyn, NY 11201 718.613.2020 BEDFORD STUYVESANT 316 Stuyvesant Avenue Brooklyn, NY 11233 718.613.2800 SOUTH SLOPE 1214 8th Avenue Brooklyn, NY 11215 718.878.1888 FORT GREENE 725 Fulton Street Brooklyn, NY 1127 718.613.2800 HUDSON VALLEY HUDSON 526 Warren Street Hudson, NY 12534 518.828.0181 CONNECTICUT DARIEN 671 Boston Post Road Darien, CT 06820 203.655.1418 NEW CANAAN - ELM STREET 183 Elm Street New Canaan, CT 06840 203.966.7800 NEW CANAAN - SOUTH AVENUE 6 South Avenue New Canaan, CT 06840 203,966.7772 ROWAYTON 140 Rowayton Avenue Rowayton, CT 06853 203.655.1418 GREENWICH 125 Mason Street Greenwich, CT 06830 203.869.8100 STAMFORD 1099 High Ridge Road Stamford, CT 06905 203.329.8801 WESTPORT 379 Post Road East Westport, CT 06880 203.221.0666 WILTON 21 River Road Wilton, CT 06897 203.762.8118 QUEENS LONG ISLAND CITY 47-12 Vernon Boulevard Queens, NY 1110 718.878.1800 FOREST HILLS 108-23 Ascan Avenue Forest Hills, NY 11375 Main #: 718-520-0303 NEW JERSEY HOBOKEN 200 Washington Street Hoboken, NJ 07030 201.478.6700 MONTCLAIR 635 Valley Road, Montclair, NJ 07030 973.744.6033 HAMPTONS EAST HAMPTON 2 Newtown Lane East Hampton, NY 11937 631.324.6100 SOUTHAMPTON 31 Main Street Southampton, NY 11968 631.283.2883 CORPORATE COMMERCIAL SALES 770 Lexington Avenue New York, NY 10065 212.381.3208 DEVELOPMENT MARKETING 445 Park Avenue New York, NY 10022 212.521.5703 GLOBAL SERVICES 770 Lexington Avenue New York, NY 10065 212. 381.6521 MANAGEMENT COMPANY 770 Lexington Avenue, 7th floor New York, NY, 10065 212.508.7272 Prepared by Gregory Heym, Chief Economist, Halstead Property, LLC. 2017 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead Property s prior consent. While information is believed true, no guaranty is made of accuracy. Visit halstead.com for access to all of our reports, listings, neighborhood information and more.