Whether you already own or you’re looking to buy into the City’s most fashionable market, we’ll keep you up to date so you can make the smartest moves.
You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. Brooklyn’s Multifamily market rose an incredible 67 percent from 2017’s second quarter. With sales volume this quarter coming out at a healthy $1.8B.
Yet, there is s great value to be found, with square-footage prices decreasing by an astonishing 50% percent from last year. Now standing at $159 dollars on average. Average selling prices went down to just $167,000 per unit – a difference of 42% percent from this time last year. Total transactions slowed down by 14% percent to 423 in 2018’s second quarter.
The Multifamily market is trending progressively higher during this time of year for the past several years. Brooklyn’s top sales are still numbers to marvel at. The top sale recorded in the second quarter of 2018 can be found in Gravesend: 2470 West 1st Street sold for $15,700,000 in June. At a $266 a foot.
Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn.
The top ten most expensive neighborhoods this quarter were as follows:
Fort Greene, with its townhouses, brownstones & beautiful parks, tops the list at an average of $777 per square foot.
Park Slope comes in second at $753.
With Prospect Heights coming in third at $666.
Greenpoint comes next at $537 per square foot. Followed by Greenwood Heights at $512, Carroll Gardens at $484, Sunset Park at $471, Dyker Heights at $457, Bath Beach at $446 and, tenth but certainly not least, the Bed-Stuy area averaged in at $392 per square foot.
Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 60 total sales. East New York was close behind at 48. Bargain hunters, check out New Lots attractive average price per square foot, at just $126.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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