Brooklyn's sales market is outpacing Manhattan's, but it's not all bad news for buyers
Inventory in South Brooklyn neighborhoods like Sheepshead Bay is way down.
The heat continues in Brooklyn, real estate market-wise, at least: According to a recent report from StreetEasy, the second quarter saw competition grow fiercer than ever for prospective home buyers in the borough. Sales inventory dropped 13.1 percent (while Manhattan experienced a 1.2 percent jump). Properties throughout Brooklyn are selling within an average 41 days, and the median sale-to-list price ratio is 98.4 percent.
This means that not only are units moving fast once they go on the market, buyers also don't have much room for negotiating, as Brooklyn homes are selling close to—and beyond—their asking prices.
As StreetEasy economist Krishna Rao explains, the need for affordable options is greater than ever. "Compared to Manhattan, much of Brooklyn offers more accessible price-points and buyers are beginning to fan out further into the borough to find something that meets their budget," he says.
Brownsville, Canarsie, Bensonhurst, and Sheepshead Bay saw the most significant drops in inventory. The median asking prices in Sheepshead Bay and Canarsie in particular remain low relative to the rest of the borough, though: $352,500 and $370,000, respectively.
North Brooklyn, on the other hand, saw gains in inventory, but that doesn't mean it's any easier to snag a home—properties there are only staying on the market for a little over a month there and, along with the area near Prospect Park, sell at their asking prices more frequently than anywhere else in the borough.
A bright spot of sorts for those looking to buy: Though they face a daunting amount of competition, StreetEasy forecasts that price growth will slow down over the coming year to a borough wide 4.2 percent. This represents a leveling off relative to recent years, which saw a much steeper incline:
As of now, the median price in Brooklyn is $561,438, a jump of 5.9 percent from last year, according to the report, but also the smallest increase seen in borough sales since late 2012. Below, listings for a studio, one-bedroom, and two-bedroom that you'll find at that price point:
An alcove studio in a downtown Brooklyn luxury condo building that comes with access to amenities like a swimming pool and roof terrace, listed for $530,000. Note that this is a moderate-income unit, which in this case means that the buyer's annual salary cannot exceed $176,670.
A one-bedroom co-op in Prospect Heights with pre-war features like high ceilings and parquet floors, plus a sunny eat-in kitchen, right across from the Brooklyn Museum. Asking price: $550,000.
A two-bedroom co-op in Fort Hamilton with a spacious living and dining area; the unit gets lots of light thanks to its corner position, and is in a building with a live-in super and part-time doorman. Listed for $535,000.
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