"Low inventory across many neighborhoods should stabilize prices despite elevated mortgage rates. The shortage of homes for sale is supporting both median and average prices."
"Deals above $2 million continued to do much of the heavy lifting on pricing across the borough. North Brooklyn posted a median price near $1.4 million with a double-digit gain."
In the first quarter, Brooklyn's median sales price for co-ops and condos increased by 2 percent year-over-year to $840,000, while recorded closings decreased. The average apartment price is approximately $1.12 million, reflecting a 6 percent rise from the previous year. Signed contracts fell by 14 percent, but active listings increased by 12 percent. Limited inventory is contributing to price stability, with high-end deals above $2 million significantly impacting overall pricing, particularly in North Brooklyn.
Read at Hoodline
Unable to calculate read time
Collection
[
|
...
]