Apartment Prices Up 22% in Brooklyn

The price of the average Brooklyn apartment was $896,204 in the second quarter. That’s down a little from $947,732 in the first quarter, but it’s up 22% from the year before.

So prices in Brooklyn have been rising — a lot. New construction continues to redraw the map of the Borough and its neighborhoods, particularly Downtown and the neighborhoods or Brownstone Brooklyn that surround Downtown.

“The borough continues to attract an influx of buyers seeking great value and variety,” said Trish Martin, managing director of sales at Halstead, Brooklyn. “Residential prices showed strength throughout Brooklyn in the second quarter, but particularly strong was ‘Brownstone Brooklyn’ that includes neighborhoods such as Boerum Hill, Cobble Hill, Dumbo, Windsor Terrace and more, where the average townhouse price jumped 17 percent.”

Townhouse prices in Brooklyn averaged a record $1,109,602 in the second quarter, which comes out to $481 per square foot, an 8% increase from the $444 price point at the same time last year.

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