Park Slope Home Sales Fall Nearly 50% In Past Year, Study Finds

PARK SLOPE, BROOKLYN — So much for Park Slope being a desirable place to buy a home.

Home sales in Park Slope fell 49 percent over the past year, according to a new study by PropertyShark.

Just 81 homes were sold across the neighborhood during the first three months this year, compared to 160 in the same span last year, PropertyShark's data shows.

And Park Slope isn't only in seeing a significant sales drop — the vast majority of neighborhoods surveyed in the five boroughs had declines, according to the study.

"Following the buying frenzy of the pandemic, a market cooldown was to be expected," the study states. "However, with the ongoing economic uncertainty and the dynamic evolution of federal interest rates, many NYC buyers and sellers have stepped to the sidelines, further slowing the market."

Brooklyn, along with Queens and Staten Island, saw the sharpest drops in neighborhood home sales, the study found.

Only four Brooklyn neighborhoods saw neighborhoods with sales on the rise, including one of Park Slope's near neighbors across Prospect Park, according to the study.

Indeed, Prospect-Lefferts Gardens had the number one sharpest sales increase in all of New York City, with residential deals doubling for a 100 percent increase, the study found.

Other neighborhoods closer to Park Slope were in much worse shape, with Propect Heights, Fort Greene and Boerum Hill seeing year-over-year declines of 49 percent, 47 percent and 40 percent, respectively, according to the study.

Homes that did sell in Park Slope during this year's first quarter still fetched a hefty price: $1.25 million, compared to $1.2 million last year, the study found.

Read the full PropertyShark study here.