Brooklyn has become once of the fastest growing boroughs in real estate.
According to a Douglas Elliman survey, it’s been a record-breaking last three months for Brooklyn. The median price of a Brooklyn apartment is now at an all-time high of $676,250 — up 15.1 percent from the year before. Brooklyn is the only borough to best price records.
Compared to Manhattan co-ops and condos with three bedrooms or more in Brooklyn jumped 25 percent from last year’s median of $1.28 million to $1.6 million, per Corcoran. One-to-four-family townhouses — saw median prices rise from $675,000 to $760,000, according to Halstead Property.
So why is Brooklyn real estate booming?
- Low Inventory. Not enough available properties.
- High Demand. There’s more buyers than available properties. Buyers who can’t afford in prime areas are heading to Brooklyn.
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