It is almost not newsworthy to report that, in the third quarter of 2016, the average cost of homes in Brooklyn rose over the same period from the year before. And, in a Real Estate Board of New York report, we are told that all five boroughs became more expensive places to home shop in the span of a year—most telling, however, is where Brooklyn prices shot up the most.
In Ocean Hill/Brownsville, just Northwest of East New York, average condo prices saw the steepest increase in 12 months: 180 percent(!), to $423,000.
Meanwhile, condo prices across all of Brooklyn increased an average of 14 percent to—ouch—$1,034,000. Yes, in the third quarter of 2016, one had to be a millionaire in order to transact a condo sale. As for Brooklyn homes, prices increased eight percent to $891,000, according to the report.
Notably, the average sales price in one previously sizzling-hot market decreased: Williamsburg. (Have you heard? Williamsburg died several years ago. Also, this could be due to the loss of the L in 2019.) There, average condo prices fell five percent to an easy $969,000. However, the volume of sales did increase two percent, for a total of 120, compared to the year before.
Still elsewhere in Brooklyn, prices inched, or shimmied, or jogged upward at varying paces: In Bed-Stuy, one-to-three family home prices increased 19 percent to $1,284,000. In Gowanus, the same inventory sky-rocketed 41 percent to $2,035,000. And in Prospect Lefferts-Gardesn, co-op rates jumped 52 percent to $498,000.
As mentioned, Brooklyn is not alone in this trend. The average home sale increase for all of New York City last quarter was 11 percent, totaling $981,000, coming in just under the 1 million mark. Which, actually, is alarming, but not much of a surprise.
Finally, of particular note, is one statistic out of Staten Island. There, in the neighborhood Arrochar (not far from the Staten Island Ferry), average home sales increased 81 percent to $707,000. This falls in line with what we might have seen coming with the arrival of a luxury residential project called Urby (with its in-house farmer and craft-beer inventory) just a hop, skip and jump away in Stapleton.
All of New York City is an egregiously expensive place to live, and certainly in which to buy a home. Brooklyn might fit into this, and look vastly different than it did not very long ago—but with this report, we can rest-assured: regardless of that change, if you’re determined to stay in the city, there are currently few better options.