Brownstown and North Brooklyn sales prices expected to keep climbing

Market report shows annual price growth expected to last into 2017, but at a slower rate
  • Although growth this year in Brooklyn is not on pace with the year prior, average price is up 1.1 percent since last year.
  • At $1,398,191, the average home price in Brooklyn grew 2.8 percent since the second quarter of this year.
  • Among Brownstone and North Brooklyn neighborhoods, Park Slope held the most activity, with 18 percent of closed transactions.

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Despite prior reports of a looming slowdown for Brooklyn sales, a new report shows activity and prices within in-demand neighborhoods continue to escalate – although not at the same record swells seen in 2015. According to the latest market report from Ideal Properties Group, Brownstone and North Brooklyn sales prices boosted to just south of $1.4 million in the third quarter, while average sales price among residential properties in the area is up 1.1 percent year-over-year and 2.8 percent from last quarter. Median prices, though softer, illustrated a similar upward trend, according to the report. The median price for both Brownstone and North Brooklyn sales reached $1.137 million in the third quarter. “Perhaps only slightly, prices continued to increase for residential properties in Brownstone and North Brooklyn, dispelling concerns of a dramatic market slowdown,” Aleksandra Scepanovic, managing director of Ideal, said in the release. “We believe sales in the ...