For aspiring homebuyers, New York is an ideal place to invest in. Besides being known for its incredible sights and sounds, New York also offers an abundance of historical estates for those who want their homes to have character and charm. On the other hand, a previous look at ’Buying New Real Estate Development in New York’ has also shown how brand new buildings and modern apartments come with the advantages of convenience and upgraded amenities. In this article, we will learn more about housing prices in Brooklyn.
Regardless of which type of property you want, Brooklyn is a particularly popular option among the five boroughs in New York. Its residential areas are characterized by a blend of history and modernity, while still retaining the strong sense of community that’s otherwise lost in urban living. As such, here’s what you need to know and expect about housing prices in Brooklyn.
Since New York is a densely populated city, many find the housing market to be fairly daunting. However, as an article by Curbed on housing market expectations for 2023 notes, home prices in New York have fallen slightly to 6.3%*. Compared to the previous year’s record-high rates, interest rates are also forecasted by real estate expert Jonathan Miller to fall just below 6%*.
* Data from Curbed “What Should New York Homebuyers Expect in 2023?” by Adriane Quinlan.
Specific to Brooklyn, data from PropertyShark states that the median home sale price is $769K, indicating a 3.8% year-over-year decrease. Meanwhile, the median price per square foot saw a 7.4% year-over-year change at $890.*1
*1 Data from Property Shark “Brooklyn Real Estate Market Trends”
One of the main factors which affect housing prices is the age of the property. While older, more run-down apartments are generally cheaper, it’s a different story when the apartment that you’re eyeing is landmarked for historical preservation. Brand new apartments will of course be relatively more expensive, but the price increase may vary depending on the upgrades.
Another factor that can significantly influence the cost of an apartment is its location. Prices can be steep when properties are close to shopping centers and public transit, and Brooklyn is connected to Manhattan by several rapid-transit tubes. Appraisers also look at the neighborhood comp and nearby employment opportunities when determining housing values.
The right Brooklyn neighborhood for you may depend on your budget and the type of apartment you’re looking for. For example, DUMBO (Down Under the Manhattan Bridge Overpass) has several industrial and warehouse complexes that have been transformed into luxury residential lofts over the years. It’s a trendy neighborhood where business, art, and leisure meet, and where 1-bed, 1-bath condos start at $995,000.
For those in search of an area that’s rich and brimming with history, try looking into Brooklyn Heights. The New York Times has written about how this neighborhood is becoming increasingly coveted these days — not only due to celebrity sightings but also because of its picturesque streetscapes and historically rich architectural styles. If you go through our official property finder for Brooklyn Heights, you’ll find that 1-bed, 2-bath condos start at around $105,000. However, large houses along Fifth Avenue that boast over 15,000 square feet of living space can go up to $80,000,000.
While median prices in Brooklyn are slightly higher than median prices in New York as a whole, BARNES New York is here to help you find the best possible offer for the apartment that meets your budget, needs, and lifestyle ambitions.
You can choose to view the website first for our wide range of property listings before our agents who are equipped with real estate knowledge and negotiation skills reach out to you. We can also help clients locate properties with cost-efficient utilities in order to maximize their investment and save costs in the long run.
by Reese Jones