Brooklyn Market Report Q1 2021
Big news out of Brooklyn – sales in Q1 outpaced pre-pandemic levels, surging 12.3 percent compared to Q1 2020 and rising 14.4 percent quarter-over-quarter. The aesthetically beautiful borough with an abundance of historic homes and stunning new development buildings continues to be a sought-after area for buyers from all walks of life regardless of price point.
Record prices are proof points of the borough’s desirability. In Q1, Brooklyn had all-time highs for median sales price ($907K) and average sales price ($1.1M).
Another contributing factor to higher prices is the increased market share of condo sales,
which peaked at 36.2 percent – many of which were luxury units in new development buildings. In fact, condos priced above $2 million generated twice as many sales year-over-year, a testament to solid buyer demand for this product and the high-quality of life Manhattan’s neighbor to the south offers. Not to be left behind, co-op median prices jumped significantly, 25 percent year-over- year.
On the lower end of the market, homes priced between $500 and $1 million commanded the largest market share, and we can expect strong buyer demand to continue here too. In Q1, the average price in this range increased 2.6 percent year-over-year, and the median
price rose 3.7 percent.
The most expensive submarket was Northwest Brooklyn, which includes Brooklyn Heights, Dumbo, and Park Slope. The average price in this area reached $1.5 million with a median of $1.2 million. The area also captured the most sales of any submarket in Brooklyn at nearly 32 percent.
Overall, Brooklyn offers vibrancy and quality homes that continue to lure in buyers looking for a place to call home. We can only expect this trend to continue in Q2 and beyond as Brooklyn has proven to be immune to external factors and market disruptions.