Brooklyn Home Prices Jump 18% to Record as Buyers Compete
New condo developments -- high-rise towers offering amenities such as children’s playrooms and rooftop gardens -- helped fuel price gains, even as they accounted for only 10.6 percent of sales in the first quarter.
Photographer: Craig Warga/BloombergHome prices in Brooklyn jumped to a record in the first quarter as buyers clamoring to own real estate in New York’s most populous borough competed for the limited supply of listings on the market.
Condominiums, co-ops and one- to three-family homes sold for a median of $610,894 in the period, up 18 percent from a year earlier and the highest in 12 years of data-keeping, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The median price has reached a record six times in the past eight quarters.