Condo Prices Surge in Brooklyn

April 25, 2017

Prices for condominiums rose 39% in Brooklyn in the first quarter of 2017 compared to the year before, to reach an average price of $1,138,000, according to the Real Estate Board of New York (REBNY).

“2017 is off to a strong start, following the tempered fourth quarter of 2016,” said John Banks, president of REBNY.

Brooklyn experienced the greatest increase in the volume of home sales of all the five boroughs of Manhattan, rising four percent to 2,905. Citywide home sales volume increased year-over-year, rising two percent to 12,112 sales.

In Williamsburg, the average sales price of a condo rose to $1,202,000, 30 percent higher than the first quarter of 2016. The number of condo sales in the Brooklyn neighborhood surged 92 percent year-over-year to 169 sales. Closings at 429 Kent Avenue, a new development, accounted for 61 of these sales in the first quarter of 2017.

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