Fourth Quarter 2017 BROOKLYN RESIDENTIAL MARKET REPORT
Data Highlights Cover Property: BrownHarrisStevens.com WEB# 16254860 The average apartment price fell 5% in Brooklyn from a year ago, as buyers favored smaller apartments. BrownHarrisStevens.com WEB# 17589825 At $671,068, the median apartment price was 3% higher than the fourth quarter of 2016. BrownHarrisStevens.com WEB# 14431007 Although down from last quarter s record level, the average townhouse price was 6% higher than a year ago.
All Brooklyn * Average & Apartments sold in the fourth quarter were $1,000,000 $833,771 $649,500 $946,137 $681,226 $914,230 $736,500 $840,068 $720,000 $790,406 $671,068 smaller on average than in 4Q16 which $900,000 $800,000 pushed the average price 5% lower. $700,000 $600,000 $500,000 Both the co-op average price per room $400,000 and condo price per square foot were higher than a year ago. COOPERATIVE CONDOMINIUM Average Price Per Room Average Price Per Square Foot $125,153 $144,289 $895 $946 $150,000 $1,000 $140,000 $950 $130,000 $900 $120,000 $850 $110,000 $800 $100,000 $750 BrownHarrisStevens.com WEB# 17700387 $90,000 $700 * Includes new development and resale apartments. 4Q17 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. Brown Harris Stevens 3
All Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE Townhouse prices averaged $1,200,000 $1,025,832 $840,000 $1,082,494 $870,000 $1,084,123 $850,000 $1,156,897 $900,000 $1,086,892 $860,000 $1,086,892, a 6% improvement from $1,100,000 2016 s fourth quarter. $1,000,000 $900,000 $800,000 $700,000 The median townhouse price posted $600,000 a 2% gain over the past year. AVERAGE PRICE PER SQUARE FOOT $457 $460 $474 $494 $481 $525 $500 $475 $450 $425 $400 $375 BrownHarrisStevens.com WEB# 16114078 Brown Harris Stevens 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 Average & $1,250,317 $910,000 $1,372,823 $1,070,000 $1,299,334 $975,000 $1,141,848 $930,000 $1,039,928 $900,000 fell from a year ago, as high-end new $1,400,000 $1,300,000 development closings fell sharply. $1,200,000 $1,100,000 $1,000,000 Prices for resale apartments averaged 6% more than the fourth $900,000 $800,000 quarter of 2016. COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $225,000 $201,741 $216,939 $1,200 $1,173 $1,156 $200,000 $1,100 $175,000 $1,000 $150,000 $900 $125,000 $800 $100,000 $700 $75,000 $600 BrownHarrisStevens.com WEB# 17013111 Brown Harris Stevens 6
Brownstone Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $2,370,860 $2,200,000 $2,355,145 $2,155,000 $2,428,314 $2,126,750 $2,564,327 $2,307,813 $2,532,652 $2,200,000 The average townhouse price $2,750,000 $2,500,000 rose7% from a year ago, to $2,532,652. $2,250,000 $2,000,000 $1,750,000 $1,500,000 $1,250,000 AVERAGE PRICE PER SQUARE FOOT $874 $821 $914 $912 $918 $950 $900 $850 $800 $750 $700 $650 BrownHarrisStevens.com WEB# 17245623 Brown Harris Stevens 7
North Brooklyn Average & $1,120,873 $999,000 $1,106,511 $912,500 $1,043,621 $903,167 $1,099,174 $943,202 $1,140,215 $995,102 At $1,140,215, the average apartment price was up slightly from 2016 s fourth quarter. $1,200,000 $1,100,000 $1,000,000 $900,000 Condo prices rose 15% over the past year, to an average of $1,201 $800,000 $700,000 $600,000 per square foot. CONDOMINIUM Average Price Per Square Foot $1,041 $1,201 $1,250 $1,200 $1,150 $1,100 $1,050 $1,000 $950 Brown Harris Stevens 8
North Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $1,858,553 $1,820,605 $2,053,515 $1,890,000 $1,849,458 $1,750,000 $1,981,147 $1,800,000 $2,269,371 $2,160,000 $2,500,000 $2,250,000 Big gains were posted in both the average and median townhouse $2,000,000 $1,750,000 $1,500,000 prices compared to a year ago. $1,250,000 $1,000,000 AVERAGE PRICE PER SQUARE FOOT $876 $809 $847 $824 $963 $1,000 $900 $800 $700 $600 $500 $400 BrownHarrisStevens.com WEB# 17862925 Brown Harris Stevens 9
Central Brooklyn Average & $627,588 $600,000 $643,964 $625,000 $752,514 $702,500 $754,932 $737,500 $670,941 $695,000 The median apartment price was 16% higher than a year ago. $800,000 $700,000 $600,000 $500,000 $400,000 A smaller gain was seen in the average price, $300,000 which at $670,941 was $200,000 7% higher than the fourth quarter of 2016. CONDOMINIUM Average Price Per Square Foot $800 $693 $754 $750 $700 $650 $600 $550 $500 Brown Harris Stevens 10
Central Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $861,218 $746,750 $892,215 $775,000 $887,387 $750,000 $919,930 $750,000 $893,918 $800,000 $950,000 Townhouse prices averaged $900,000 $893,918; 4% more than a year ago. $850,000 $800,000 $750,000 $700,000 $650,000 AVERAGE PRICE PER SQUARE FOOT $349 $363 $355 $365 $362 $400 $375 $350 $325 $300 $275 $250 BrownHarrisStevens.com WEB# 17200071 Brown Harris Stevens 11
South Brooklyn Average & Co-op prices averaged $88,410 per room, $442,939 $377,500 $429,734 $360,000 $466,366 $375,000 $451,038 $397,775 $462,263 $405,499 $500,000 a 13% increase from 2016 s fourth quarter. $450,000 $400,000 $350,000 $300,000 The average condo price per square foot $250,000 $200,000 ticked up 2% over the past year, to $591. COOPERATIVE Average Price Per Room CONDOMINIUM Average Price Per Square Foot $90,000 $78,092 $88,410 $600 $577 $591 $85,000 $575 $80,000 $550 $75,000 $525 $70,000 $500 $65,000 $475 $60,000 $450 Brown Harris Stevens 12
South Brooklyn 1-4 FAMILY HOUSES AVERAGE & MEDIAN SALES PRICE $881,909 $785,000 $912,567 $800,000 $914,938 $800,000 $948,942 $846,500 $938,925 $825,000 $1,000,000 $950,000 The average townhouse price was6% higher than a year ago, at $938,925. $900,000 $850,000 $800,000 $750,000 $700,000 AVERAGE PRICE PER SQUARE FOOT $433 $430 $441 $455 $459 $475 $450 $425 $400 $375 $350 $325 Brown Harris Stevens 13
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