Brooklyn Townhouse Sales Are Breaking Records

Brooklyn Townhouse Sales Are Breaking RecordsBrooklyn continues to stand out as one of the fastest-growing markets in New York, and the townhouse tops all. “The critical thing to look at is how strong the brownstone market is,” says Trish Martin, managing director of sales for Halstead in Brooklyn. According to a recent market report released by the company, both the median and average sale prices of townhouses in Brooklyn hit record numbers during the third quarter of 2017. The average, $1.2 million, is 17 percent higher than a year ago, and the median increased by 12 percent, to $935,000. Martin says that townhouse demand has spilled over from neighborhoods closest to Manhattan to neighborhoods farther afield, with rougher reputations. “We’re seeing closing prices of $2.8 million in Bedford-Stuyvesant,” she says. “That’s an incredible increase.” 

Apartment sales aren’t anything to scoff at, either, with an average price increase of 2 percent over last year to $845,879, according to Halstead. Douglas Elliman Real Estate also tracked strong numbers, with the combined average sale price for apartments and townhouses nearing the $1 million mark, at $997,654. That’s 20 percent above last year’s figure, with the overall sales volume jumping a whopping 50 percent in the same time frame—due in part to more inventory being built to meet demand. Eager buyers are willing to pay a premium to scoop up these brand-new pads, too: The current average is $1.4 million, up from $917,619. Because of the fierce competition, many of them are beginning to seek out lesser-known neighborhoods, like East New York and East Flatbush. “There’s something for everyone,” Martin says, “but you might need to look somewhere new.”