AgentMarkets & Economy

StreetEasy: East Brooklyn home prices escalate

Despite increases in home prices, Brooklyn rent is falling in some neighborhoods
  • Both the Brooklyn and Manhattan for-sale markets demonstrated notable growth when rivaled against last February’s median prices.
  • Rents in Manhattan grew a median 3.3 percent annually to reach $3,114 in February.
  • In Brooklyn, median rent growth did not ascend as high as sales prices -- and in some neighborhoods, it dropped.
  • The report expects the Brooklyn home market to cool in the next 12 months overall, with Manhattan annual price growth also expected to slow down.

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Both Manhattan and Brooklyn saw sustained growth in February compared to 2015 levels, but East Brooklyn surpassed all neighborhoods with a 20.5 percent rise in median asking price, says StreetEasy’s February market report. The East Brooklyn submarket, comprised of Bedford-Stuyvesant, Brownsville, Bushwick, Crown Heights and East New York, is in the mid-range compared with costlier settings like Dumbo and Greenpoint. The median asking price in Crown Heights is $910,000, Bedford-Stuyvesant is $899,000 and Bushwick is $795,000. East New York is the lowest, with a median asking price of $370,000. [graphiq id="9xVYT7SLnoN" title="Eastern Brooklyn Brooklyn, NY Profile" width="600" height="591" url="https://w.graphiq.com/w/9xVYT7SLnoN" link="http://places.findthehome.com/l/140966/Eastern-Brooklyn-Brooklyn-NY" link_text="Eastern Brooklyn Brooklyn, NY Profile | FindTheHome"] "Affordability is primarily driving homebuyers to East Brooklyn and Upper Manhattan," said StreetEasy data sci...