Brooklyn continues to be an attractive option for buyers seeking more room, outdoor space, and well-priced homes.
The desirability of Brooklyn is evident by the median price in the borough climbing two percent to $792,500 compared to Q3 2019 — a continuation of a trend that has been ongoing for years and continues regardless of external factors. Brooklyn is still very much where it’s at!
Sales have improved from the last quarter despite the pandemic which is a good sign for rebound in the area.
Sales on average are as follows: The average price for Condo sales were $989,356 for Co-Op sales $606,273 and House Sales were 1,093,731 with the average days on the market coming in at 139 days. Sales particularly in South Brooklyn are continuing to climb and improve especially for homes.
Over half of the condo and home inventory sold for $500K - $1M, a 5% and 4% increase of market share respectively compared with 2019. The majority of co-ops (61%) sold for less than $500,000, up 6% in market share year-over-year