Why is Brooklyn Real Estate Booming?

Published by Joe Moshe on

Facebooktwitterredditpinterestlinkedintumblrmail

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.

Our website provides access to properties for sale in Brooklyn. CLICK HERE TO START YOUR SEARCH.

If you are looking to buy or sell in Brooklyn call us at 516-575-7500.

Joe Moshe
Follow Me On
Latest posts by Joe Moshe (see all)
rss
Categories: Real Estate NewsUncategorized

Joe Moshe

Joe Moshe is the Broker/Owner of Charles Rutenberg Realty Long Island, offering 100% commission to Agents. With over 1000 agents, it's one of the fastest growing, most progressive real estate brokerages on Long Island.

Related Posts

Market Conditions

Homebuilder Confidence Index Craters Due to Coronavirus Impact

For many months prior to the coronavirus outbreak, the real estate market was primarily plagued by a lack of available inventory for all the buyers looking for new homes. Affordable housing was especially rare, with prices being pushed up thanks to high demand, and homebuilders unable to construct new houses fast enough to meet that demand. However, the coronavirus has put a halt to many of these plans, causing the homebuilder confidence index to collapse.

Homeownership

Lack of Affordable Housing Plagues New York Home Buyers

In New York, people seeking new homes have found themselves stymied by a lack of affordable housing. With inventory shortages across the state and demand for housing as high as ever, even lower priced properties find their prices rising.

Homeownership

Mortgage Applications Surge at Beginning of New Year

The first week of 2020 brought a resurgence in the housing market, starting the year off strong for mortgage applications. The rise in applications is credited to low interest rates, which have spurred an increase in both home purchases and refinancing by current homeowners. In fact, demand by new homeowners has risen to the highest level it has been since October 2009, according to the Mortgage Bankers’ Association.