Brooklyn is experiencing a scorching real estate market. According to a recent report by StreetEasy, the borough of Kings had the busiest sales market in June, with listings receiving 34.2% more buyer inquiries compared to June of the previous year. In contrast, Manhattan properties saw a 13.4% increase in interest over the same timeframe. The citywide median asking price hit a record high of $1.08 million in June, marking the third consecutive month of growth. This is further evidence that the Big Apple has made a strong recovery from the impact of COVID-19. April was the first month since 2018 that the city’s median asking price surpassed $1 million.
Experts at StreetEasy attribute the low inventory and increased competition among buyers to homeowners hesitating to move amidst mortgage rates reaching 7%. The number of newly listed homes in the five boroughs dropped 20.7% year-over-year in June, continuing a trend that has persisted for 13 consecutive months. In Brooklyn, where the median asking price reached $999,999, a modest increase of 0.5% since last year, the for-sale inventory was down 24.7% compared to 2019. Brooklyn’s iconic brownstones are attracting significant interest from buyers.
The report revealed that Manhattan has the hottest condo market among the boroughs. The median asking price for condos in Manhattan rose 12.8% to $2.3 million in June compared to the previous year. However, condo listings in Manhattan stayed on the market for four weeks longer. Despite a record 17.8% vacancy rate in the city’s office space during the second quarter of this year, areas like Midtown South and the Financial District experienced an upsurge in condo interest, as reported by StreetEasy. Williamsburg in Brooklyn emerged as the neighborhood with the highest increase in condo inquiries, with a notable 64.4% surge from the first half of 2019 to this year. Notably, Brooklyn townhouses are selling faster and at lower prices than their Manhattan counterparts.
Brooklyn’s townhouse market has compensated for the relatively fewer condo sales in the borough as a whole. In the neighborhoods of Cobble Hill, Fort Greene, and Bed-Stuy, collectively known as “brownstone Brooklyn,” 197 townhouses entered into contract in the first half of 2023. While this number is lower than the 255 sold in the same period last year, it nearly doubled the 114 sold in Manhattan. Brownstones in Brooklyn spent an average of 45 days on the market so far this year, nine days longer than the first half of 2022. In contrast, in Manhattan, brownstones spent 142 days on the market, almost two months longer than the previous year. According to StreetEasy economists, the reason Brooklyn sells more brownstones than Manhattan is due to the significant price difference. The median asking price in Brooklyn is $3 million, while in Manhattan, it stands at $6 million. Wealthy buyers are realizing that by choosing Brooklyn, they can get more for their money compared to Manhattan.
In conclusion, the real estate market in Brooklyn is sizzling with a surge in buyer inquiries and rising prices. The borough’s brownstones continue to be a major draw for buyers, providing them with a unique combination of character, value, and a lower price point. As the inventory remains tight and competition fierce, it’s evident that Brooklyn has become a hot spot for those seeking a thriving real estate market.
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