SECOND QUARTER 2022
Residential Market Report
BHSID 21887757.
THE Craft OF Research
Brooklyn
2
BHSID 21893300
Message from Bess Freedman
CEO of
The Brooklyn apartment market remained hot in the second quarter, with the average sales price
hitting a record high of $1,085,658. While 4% lower than a year ago, the number of closings was still at a
very high level, and pricing gains were seen for both co-ops and condos compared to last year.
We must remember that the Q2 2022 closings in this report were negotiated in a much different
environment than that of today. On average, the contracts for the second quarter were signed in early
February of this year. At that time, mortgage rates were averaging 3.6%, and the S&P 500 index was at
4,500. By the end of the second quarter, mortgage rates had climbed by more than 2%, and the S&P
500 was at 3,785.
Closed sales are always a lagging indicator of the housing market, and this report is no different. Most
of the closings last quarter were negotiated before the spike in rates and correction in the stock market,
so please view these results with that in mind.
3
All Brooklyn
BHSID 21628091
The average price of a
Brooklyn apartment rose
12% over the past year
to $1,085,658.
Helped by a strong new
development market, the
average condo price per
square foot of $1,138 was
14%
HIGHER than the
second quarter of 2021.
SECOND QUARTER 2022
All Brooklyn
4
$970,993
$999,683
$992,955
$997,898
$1,085,658
$823,000
$810,000
$785,000
$779,000
$810,000
$0
$300,000
$600,000
$900,000
$1,200,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21765374
All Brooklyn
Cooperative
Average price per room
Condominium
Average price per square foot
$1,000
$1,138
$400
$600
$800
$1,000
$1,200
2Q21 2Q22
SECOND QUARTER 2022
Cooperatives & Condominiums
Average & Median Sales Price
* Includes new development and resale apartments. 2Q22 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to
include sales recorded after our initial reports were released.
$175,746
$187,337
$0
$50,000
$100,000
$150,000
$200,000
2Q21 2Q22
5
BHSID 21786194.
A sharp INCREASE in the
number of new development
closings helped bring both the
average and median prices
sharply higher than a year ago.
Co-op prices averaged
$274,144 per room, a
5%
improvement compared to
2021’s second quarter.
BOERUM HILL
BROOKLYN HEIGHTS
CARROLL GARDENS
COBBLE HILL
DUMBO
SECOND QUARTER 2022
6
$1,526,047
$1,623,893
$1,720,814
$1,768,225
$1,896,279
$1,350,000
$1,454,500
$1,300,000
$1,490,000
$1,600,000
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21743371
Boerum Hill, Brooklyn Heights, Carroll Gardens, Cobble Hill, & DUMBO
Cooperative
Average price per room
Condominium
Average price per square foot
$1,364
$1,530
$0
$500
$1,000
$1,500
$2, 000
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$262,114
$274,144
$0
$75,000
$150,000
$225,000
$300,000
2Q21 2Q22
SECOND QUARTER 2022
7
BHSID 20352655
The median apartment price
of $1,175,000 was 8%
HIGHER
than a year ago.
At $1,336, the average condo
price per square foot was
14%
above last year’s level.
PARK SLOPE
SOUTH SLOPE
WINDSOR TERRACE
SECOND QUARTER 2022
8
$1,229,462
$1,221,247
$1,327,417
$1,461,653
$1,466,480
$1,090,000
$1,100,000
$985,000
$1,215,000
$1,175,000
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
2Q21 3Q21 4Q2 1 1Q22 2Q22
Aver age Price Median Price
BHSID 21692168
Park Slope, South Slope, & Windsor Terrace
Cooperative
Average price per room
Condominium
Average price per square foot
$1,171
$1,336
$300
$600
$900
$1,200
$1,500
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$221,351
$243,600
$50,000
$100,000
$150,000
$200,000
$250,000
2Q21 2Q22
SECOND QUARTER 2022
9
BHSID 21470001
Apartment prices averaged
$1,177,593,
11% more than the
second quarter of 2021.
Both co-op and condo
prices posted strong
GAINS over the past year.
CLINTON HILL
FORT GREENE
BROOKLYN NAVY YARD
PROSPECT HEIGHTS
VINEGAR HILL
SECOND QUARTER 2022
10
$1,059,726
$1,115,537
$1,120,424
$1,075,945
$1,177,593
$945,000
$920,000
$952,578
$929,250
$969,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21899645
Clinton Hill, Fort Greene, Brooklyn Navy Yard, Prospect Heights, & Vinegar Hill
Cooperative
Average price per room
Condominium
Average price per square foot
$1,116
$1,254
$300
$600
$900
$1,200
$1,500
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$208,393
$232,177
$50,000
$100,000
$150,000
$200,000
$250,000
2Q21 2Q22
SECOND QUARTER 2022
11
BHSID 21564898
The average price rose
5% over the past 12 months
to $893,602.
Condo prices
ROSE faster
than co-ops when compared
to 2021’s second quarter.
BEDFORDSTUYVESANT
BUSHWICK
CROWN HEIGHTS
STUYVESANT HEIGHTS
SECOND QUARTER 2022
12
$852,786
$843,695
$846,596
$823,859
$893,602
$821,500
$800,122
$825,905
$755,625
$782,026
$300,000
$450,000
$600,000
$750,000
$900,000
$1,050,000
2Q21 3Q21 4Q2 1 1Q22 2Q22
Aver age Price Median Price
BHSID 21589493
Bedford-Stuyvesant, Bushwick, Crown Heights, & Stuyvesant Heights
Cooperative
Average price per room
Condominium
Average price per square foot
$876
$985
$200
$400
$600
$800
$1,000
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$130,091
$138,998
$50,000
$75,000
$100,000
$12 5,000
$150,000
2Q21 2Q22
SECOND QUARTER 2022
13
BHSID 21689762
At $1,318,155, the average
apartment price was
4% above last year’s
comparable period.
The average condo price per
square foot of $1,285 was a
10%
GAIN from the second
quarter of 2021.
EAST WILLIAMSBURG
GREENPOINT
WILLIAMSBURG NORTH SIDE
WILLIAMSBURG SOUTH SIDE
SECOND QUARTER 2022
14
$1,268,626
$1,370,867
$1,350,339
$1,254,737
$1,318,155
$1,153,000
$1,150,000
$1,210,000
$1,064,791
$1,150,000
$0
$400,000
$800,000
$1,200,000
$1,600,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21297851
East Williamsburg, Greenpoint, Williamsburg North Side, & Williamsburg South Side
Condominium
Average price per square foot
$1,164
$1,285
$0
$400
$800
$1,200
$1,600
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
SECOND QUARTER 2022
15
The median apartment price
rose
10% over the past year
to $510,000.
Co-op prices averaged
$119,552 per room,
8% more than a year ago.
DITMAS PARK
FLATBUSH
MIDWOOD
PROSPECT LEFFERTS
GARDENS
PROSPECT PARK SOUTH
SECOND QUARTER 2022
BHSID 21754345
16
$487,630
$589,768
$565,481
$536,177
$533,364
$465,000
$545,000
$530,000
$504,972
$510,000
$0
$150,000
$300,000
$450,000
$600,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21536684
Ditmas Park, Flatbush, Midwood, Prospect Lefferts Gardens, & Prospect Park South
Cooperative
Average price per room
Condominium
Average price per square foot
$756
$825
$200
$400
$600
$800
$1,000
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$111,113
$119,552
$50,000
$75,000
$100,000
$12 5,000
$150,000
2Q21 2Q22
SECOND QUARTER 2022
17
At $1,268,361, the median price
was 5%
HIGHER than 2021’s
second quarter.
The average co-op price
per room rose
13% over
the past year.
DOWNTOWN BROOKLYN
SECOND QUARTER 2022
BHSID 21680409
18
$1,381,584
$1,220,734
$1,150,937
$1,312,556
$1,325,103
$1,210,626
$1,096,073
$999,500
$1,241,253
$1,268,361
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
2Q21 3Q21 4Q2 1 1Q22 2Q22
Aver age Price Median Price
BHSID 21718451
Downtown Brooklyn
Cooperative
Average price per room
Condominium
Average price per square foot
$1,308
$1,394
$300
$600
$900
$1,200
$1,500
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$352,960
$398,136
$0
$100,000
$200,000
$300,000
$400,000
2Q21 2Q22
SECOND QUARTER 2022
19
Both the average and
median apartment prices
posted modest
INCREASES
compared to a year ago.
BENSONHURST
BOROUGH PARK
KENSINGTON
SECOND QUARTER 2022
BHSID 21674641
20
$719,443
$706,626
$721,125
$733,853
$732,849
$695,843
$677,000
$720,118
$730,000
$705,888
$0
$200,000
$400,000
$600,000
$800,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21674641
Bensonhurst, Borough Park, & Kensington
Cooperative
Average price per room
Condominium
Average price per square foot
$593
$718
$0
$200
$400
$600
$800
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$125,426
$136,634
$50,000
$75,000
$100,000
$12 5,000
$150,000
2Q21 2Q22
SECOND QUARTER 2022
21
The median apartment price
fell 4% over the past year
to $486,720.
While condo prices were
lower than a year ago, the
average co-op price per room
ROSE 8%.
BAY RIDGE
DYKER HEIGHTS
GREENWOOD HEIGHTS
SUNSET PARK
SECOND QUARTER 2022
BHSID 21673483
22
$614,892
$651,145
$634,512
$501,215
$547,025
$507,500
$512,108
$499,990
$463,000
$486,720
$0
$200,000
$400,000
$600,000
$800,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 21147370
Bay Ridge, Dyker Heights, Greenwood Heights, & Sunset Park
Cooperative
Average price per room
Condominium
Average price per square foot
$913
$849
$200
$400
$600
$800
$1,000
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$112,865
$121,373
$60,000
$80,000
$100,000
$120,000
$140,000
2Q21 2Q22
SECOND QUARTER 2022
23
A large number of closings
at the new development 160
Imlay Street helped bring the
average apartment price up
SHARPLY compared to a
year ago.
COLUMBIA STREET
WATERFRONT DISTRICT
GOWANUS
RED HOOK
SECOND QUARTER 2022
BHSID 20184990
24
$1,126,412
$1,143,740
$1,469,780
$1,303,470
$1,517,339
$1,035,000
$995,000
$1,200,000
$1,127,500
$1,541,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
BHSID 20184990
Columbia Street Waterfront District, Gowanus & Red Hook
Condominium
Average price per square foot
$1,039
$1,152
$0
$300
$600
$900
$1,200
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
SECOND QUARTER 2022
25
Strong GAINS were posted
in the average prices for both
condos and co-ops from
2021’s second quarter.
BROWNSVILLE
CANARSIE
EAST FLATBUSH
EAST NEW YORK
FLATLANDS
SECOND QUARTER 2022
26
$335,201
$323,924
$378,326
$338,974
$404,508
$300,000
$307,400
$325,000
$297,000
$330,000
$100,000
$200,000
$300,000
$400,000
$500,000
2Q21 3Q21 4Q21 1Q22 2Q2 2
Aver age Price Median Price
Brownsville, Canarsie, East Flatbush, East New York, & Flatlands
Cooperative
Average price per room
Condominium
Average price per square foot
$432
$501
$200
$300
$400
$500
$600
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$66,599
$79,628
$50,000
$60,000
$70,000
$80,000
$90,000
2Q21 2Q22
SECOND QUARTER 2022
27
Condo prices averaged $667
per square foot,
12% more than
a year ago.
The average co-op price per
room
ROSE 10% over the
past year.
BATH BEACH
BRIGHTON BEACH
CONEY ISLAND
GERRITSEN BEACH
GRAVESEND
MARINE PARK
MILL BASIN
SEA GATE
SHEEPSHEAD BAY
SECOND QUARTER 2022
BHSID 000000
28
$410,504
$482,220
$518,336
$446,253
$466,350
$340,000
$435,000
$414,000
$400,265
$417,000
$150,000
$250,000
$350,000
$450,000
$550,000
2Q21 3Q21 4Q21 1Q22 2Q22
Aver age Price Median Price
Bath Beach, Brighton Beach, Coney Island, Gerritsen Beach, Gravesend,
Marine Park, Mill Basin, Sea Gate, & Sheepshead Bay
Cooperative
Average price per room
Condominium
Average price per square foot
$593
$667
$350
$450
$550
$650
$750
2Q21 2Q22
Cooperatives & Condominiums
Average & Median Sales Price
$87,701
$96,095
$0
$30,000
$60,000
$90,000
$120,000
2Q21 2Q22
SECOND QUARTER 2022
©2022 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed without Brown Harris Stevens’ consent.
While information is believed true, no guaranty is made of accuracy.
Prepared by Gregory Heym, Chief Economist, Brown Harris Stevens.
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SECOND QUARTER 2022
Residential Market Report
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