The pandemic and working at home remotely created a need for space and became a prime variable in the decision making process for buyers.
According to a Streeteasy January 2022 Market Report, “Brooklyn is still red hot”. The median asking price per square foot in Brooklyn in January, 2022 was $666 down 3.8% since last year. Generally speaking, the median asking price for a home in Brooklyn stayed flat since last year at the time of this report at $899,000, as a result of the drop in price per square foot for homes coming onto the market.
Economist Nancy Wu with Streeteasy says “larger homes are coming onto the market at lower”.
There were 658 contracts signed for homes in Brooklyn in January – 5.6% more than 2021 and there are so many buyers choosing Brooklyn homes because they are priced out of Manhattan and they are looking for more space.
The top 5 Brooklyn neighborhoods where buyers can get more space for their money are: Brownsville, Canarsie, East New York, Flatbush and Bergen Beach.
The top 5 neighborhoods where buyers can get the least amount of space for their money are: Cobble Hill, Dumbo, Brooklyn Heights, Downtown Brooklyn and Boerum Hill.
Brooklyn's housing inventory fell 16.1% compared to last year with 4,341 available homes for sale on the market and down from a record high 6,094 homes that were on the Brooklyn market in October 2020.
To put things in perspective, “The price per square foot in Manhattan is more than double Brooklyn” according to economist Wu.
Streeteasy's February 2022 Real Estate market Report indicates a heightened demand and fewer listings available on the market. This will make for a more competitive Spring market for home buyers. February shows an up tick of 3.2% in the median asking price, now at $928,000. Homes are coming off the market and going into contract fastest in Brooklyn at a median of 79 days. This is 25 days faster than last year.
Approximately 1,180 sellers listed their home for sale last month in Brooklyn, 23.6% more than last February!
An increase in inventory and the rise of home prices will bring even more inventory to the market and buyers will have a better opportunity to buy a home that they love and suits their needs.
If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Real Estate Brokers and Agents