As New York summer temperatures are rising, so too are property prices across the city.
A recent report by Property Shark looking at quarter 2 sales in 2021 shows sales in NYC are up 88% on last year and prices have climbed by 13%.
And of all the borough’s, Brooklyn has logged the sharpest price increases of 18% – largely because prices in Downtown Brooklyn have skyrocketed by a whooping 79% on 2020.
The median house price in the city is now $764,000, but the most expensive neighborhood — Hudson Yards — has an average more than five times that at $5,714,000.
Of the ten most expensive neighborhoods in the city, only one outside of Manhattan and it’s DUMBO.
Property Shark notes that sales activity in Q2 2020 had dropped to an unprecedented low in 2020 due to the pandemic, and as such most of the year-over-year gains in sales represent a return to pre-pandemic market activity.
However, Brooklyn was hit less hard in terms of sales activity during the pandemic, and recent sales figures show a 26% increase over the same figures in 2019.
The median house price for the borough was $828,000, 15% higher than quarter 2 figures in 2019. Brooklyn’s most expensive neighborhood was DUMBO, with a $1.49 million median.
The borough’s second most expensive neighborhood was Cobble Hill with a $1,385,000 median sales price, and coming in third was Downtown Brooklyn with an average sales prices of $1,368,000.
Next up was Carroll Gardens, Brooklyn’s fourth most expensive borough with a $1,335,000 median. Although still well above the city average, the neighborhood experienced a 35% drop in price on last year — the sharpest price decrease among the city’s 50 most expensive neighborhoods.
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