AgentMarkets & Economy

North Brooklyn property prices sinking, report says

Report shows general increases in borough but prices in North Brooklyn diving
  • North Brooklyn co-ops and condos held an average price of $1,002,071 in the first quarter of 2015, only to fall to $920,754 in the first quarter of 2016.
  • Apartment prices -- condos and co-ops included -- increased 5 percent from a year ago throughout Brooklyn.
  • For single-family townhomes, average and median prices rose since last year.
  • Average prices on all apartments in Central Brooklyn declined by 6 percent to reach $580,629.

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Brooklyn residential prices had another unwavering quarter overall, with prices showcasing strong increases on an annual analysis from Brown Harris Steven’s first quarter Brooklyn market report. However, a closer look reveals co-ops and condos dropping in North Brooklyn -- comprising popular neighborhoods Williamsburg and Greenpoint. North Brooklyn co-ops and condos held an average price of $1,002,071 in the first quarter of 2015, only to fall to $920,754 in the first quarter of 2016. Price per square foot dropped, too, from $988 to $977 year-over-year. [graphiq id="gitLWVFJtf7" title="Northern Brooklyn Brooklyn, NY Profile" width="600" height="600" url="https://w.graphiq.com/w/gitLWVFJtf7" link="http://places.findthehome.com/l/140978/Northern-Brooklyn-Brooklyn-NY" link_text="Northern Brooklyn Brooklyn, NY Profile | FindTheHome"] Apartments weren’t the only homes affected in North Brooklyn. Townhomes, too, featured declining values in the first quarter of this year -- ...