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.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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="" link="" link_text="Eastern Brooklyn Brooklyn, NY Profile | FindTheHome"] "Affordability is primarily driving homebuyers to East Brooklyn and Upper Manhattan," said StreetEasy data sci...