Business & Tech
Brooklyn Home Sales on the Rise
New condos and rising prices in Manhattan are bringing more sales to Brooklyn.
Good news for Brooklynites looking to sell their home this year, according to a report by Crains New York Business. Brooklyn residential sales have climbed 18% from this time last year, according to findings by Prudential Douglas Elliman and the appraisal firm of Miller Samuel Inc.
Median home prices have also inched up 5%, and are now at $510,000, according to Crains. But the article warns that brokers in the area “shouldn’t get too excited about the numbers,” as most of the increases are due to more sales of brand new condominiums, which now account for 17.4% of Brooklyn’s sales, especially in Williamsburg and Greenpoint. Co-ops and family properties saw minor price increases.
More sales in Brooklyn are attributed to the rising rental market in Manhattan, according to Crains, noting that many would-be Manattanites are finding better deals across the East River.
