Homebuyers in Brooklyn are paying hefty price tags to be closer to hotspots, according to new data from Parcl Labs.
Parcl Labs, which specializes in providing hyper-local insights for homebuyers, recently conducted a study on Bedford Ave. in Williamsburg – the heart of one of Brooklyn’s most amenity-rich neighborhoods.
According to the study, Bedford Ave. homebuyers paid an additional $35,000 to live one block closer to the area’s commercial district between January 2021 and September 2022.
To determine this, Parcl Labs analyzed all sales from Jan. 1, 2021 to Sept. 28, 2022 that occurred in the three neighborhoods within a mile of the eight block stretch of Bedford Ave. Spatial overlay was then used to identify all property sales within a mile of their center line.
“Real estate markets are more volatile and fast-moving than ever,” said Jason Lewris, chief data officer at Parcl Labs. “With market segments shifting as much as 30% in a matter of weeks.”
“Traditional methods of analysis that rely on out-of-date and incomplete data sources are leading to inaccurate pictures of the housing market,” he continued.
Parcl Labs also found that Bedford homeowners paid $344 for every additional square foot added to their homes.