Brooklyn
Residential Market Report
First Half 2014
first HALf 2014 2
A strong luxury market, aided by new development sales, elevated both the average and median price in this area over the past year. The average price of
$1,207,265 was a 31% improvement from the rst half of 2013, while the median price rose 20% to $903,500.
COOPERATIVE & CONDOMINIUM
COOPERATIVE
Brooklyn Heights-Carroll Gardens-Cobble Hill-Columbia Street Waterfront-
Dumbo-Red Hook
Average & Median Price Average Price Per Room
CONDOMINIUM
Average Price Per Square Foot
TOWNHOUSE
Average & Median Price
Townhouse prices were also well above the levels of a year ago. The average townhouse price of $2,852,296 was 30% higher than 2013’s rst half, while
the number of sales jumped 68% to 69.
TOWNHOUSE
Number of Sales
$1,200,000
$1,100,000
$1,000,000
$900,000
$800,000
$600,000
$700,000
Average Sale Price Median Sale Price
$200,000
$190,000
$180,000
$170,000
$160,000
$140,000
$150,000
$1,100
$1,000
$900
$800
$700
$500
$600
$919,012
$752,500
$995,875
$807,500
$173,255
$1,207,265
$903,500
1H13 2H13 1H14
$228,794 $887 $1,049
1H13 1H14 1H13 1H14
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
0
$500,000
Average Sale Price Median Sale Price
$2,194,476
$1,895,500
$2,299,388
$2,095,000
$2,852,296
$2,600,000
80
70
60
50
40
20
30
41 68 69
1H13 2H13 1H14
1H13 2H13 1H14
Cover Property: BrownHarrisStevens.com WEB#9950961
first HALf 2014 3
Apartments in Boerum Hill, Clinton Hill and Fort Greene sold for an average of $670,818 in the rst half of 2014, a 15% increase from a year ago. The
median price rose 17% during this time, to $605,475.
COOPERATIVE & CONDOMINIUM
COOPERATIVE
Boerum Hill-Clinton Hill-Fort Greene
Average & Median Price Average Price Per Room
CONDOMINIUM
Average Price Per Square Foot
TOWNHOUSE
Average & Median Price
The average townhouse price was $2,062,020 in this market in the rst half, 18% higher than a year ago. The number of townhouse sales rose from 60 a
year ago to 70, a 17% gain.
TOWNHOUSE
Number of Sales
Average Sale Price
Median Sale Price
$700,000
$600,000
$500,000
$400,000
$300,000
$100,000
$200,000
$584,219
$519,500
$659,330
$585,000
$670,818
$605,475
$900
$800
$700
$600
$500
$300
$400
$110,000
$100,000
$90,000
$80,000
$120,000
$140,000
$117,426 $721$137,037 $858
$130,000
1H13 2H13 1H14 1H13 1H14 1H13 1H14
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$800,000
$1,000,000
Average Sale Price Median Sale Price
$1,750,783
$1,617,500
$1,827,012
$1,741,500
$2,062,020
$1,900,000
80
70
60
50
40
20
30
70 60 76
1H13 2H13 1H14
1H13 2H13 1H14
first HALf 2014 4
In Park Slope and Prospect Heights, the average apartment price rose 19% compared to a year ago, to $882,314. The median price posted a larger increase,
rising 21% during this time to $777,500.
COOPERATIVE & CONDOMINIUM
COOPERATIVE
Park Slope-Prospect Heights
Average & Median Price Average Price Per Room
CONDOMINIUM
Average Price Per Square Foot
TOWNHOUSE
Average & Median Price
The number of townhouse sales in Park Slope and Prospect Heights rose 27% over the past year. Prices were also higher, with the average price up 14%
and the median price 22% higher than during 2013’s rst half.
TOWNHOUSE
Number of Sales
Average Sale Price
Median Sale Price
$900,000
$800,000
$700,000
$600,000
$500,000
$300,000
$400,000
$822,943
$735,000
$180,000
$170,000
$160,000
$150,000
$140,000
$120,000
$130,000
$950
$700
$650
$739,700
$643,250
$882,314
$777,500
$850
$750
$800
$181,642 $940
$900
$155,173 $833
1H13 2H13 1H14 1H13 1H14 1H13 1H14
$2,400,000
$2,200,000
$2,000,000
$1,800,000
$1,600,000
$1,200,000
$1,400,000
Average Sale Price Median Sale Price
$1,965,752
$1,815,000
$1,918,630
$1,756,000
$2,240,893
$2,215,038
110
100
90
80
70
50
60
95 75 77
1H13 2H13 1H14
1H13 2H13 1H14
first HALf 2014 5
At $357,966, the average apartment price in Bay Ridge and Sunset Park was 23% above last year’s level. The median price rose 25% in this market over the
past year, to $317,500.
COOPERATIVE & CONDOMINIUM
COOPERATIVE
Bay Ridge-Sunset Park
Average & Median Price Average Price Per Room
CONDOMINIUM
Average Price Per Square Foot
TOWNHOUSE
Average & Median Price
Townhouses in Bay Ridge in Sunset Park fetched an average of $916,306 in the rst half of 2014, 16% above last year’s comparable period. The 226
closings reported during the rst half represented an 18% improvement from the rst half of 2013.
TOWNHOUSE
Number of Sales
Average Sale Price
Median Sale Price
$350,000
$300,000
$250,000
$200,000
$150,000
$50,000
$100,000
$290,763
$255,000
$316,627
$282,250
$80,000
$70,000
$60,000
$50,000
$40,000
$20,000
$30,000
$500
$450
$400
$350
$300
$200
$250
$357,966
$317,500
$71,573
$528
$493
$70,506
1H13 2H13 1H14 1H13 1H14 1H13 1H14
$1,000,000
$900,000
$800,000
$700,000
$600,000
$400,000
$500,000
Average Sale Price Median Sale Price
$790,079
$778,000
$923,272
$845,000
$916,306
$877,500
300
250
200
150
100
0
50
226 191 260
1H13 2H13 1H14
1H13 2H13 1H14
first HALf 2014 6
The average price for an apartment in the Greenpoint-Williamsburg market reached $893,073 in the rst half, which was 13% higher than a year ago. The
median price rose at a slightly faster pace, climbing 15% to $755,000.
COOPERATIVE & CONDOMINIUM
CONDOMINIUM
Greenpoint-Williamsburg
Average & Median Price Average Price Per Square Foot
TOWNHOUSE
Average & Median Price
At $1,347,204, the average townhouse price in this area during the rst half was 34% above last year’s level. There were 67 townhouse sales reported, a 6%
increases from 2013’s rst half.
TOWNHOUSE
Number of Sales
Average Sale Price
Median Sale Price
$893,073
$755,000
$788,167
$655,000
$839,367 $740,000
$866
$900
$600
$500
$400
$300
$700
$800
$756
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$900,000
1H13 2H13 1H14 1H13 1H14
$1,400,000
$1,300,000
$1,200,000
$1,100,000
$1,000,000
$800,000
$900,000
Average Sale Price Median Sale Price
$1,347,204
$1,180,000
$1,002,690
$950,000
$1,324,046 $1,265,000
100
90
80
70
60
40
50
67 63 81
1H13 2H13 1H14
1H13 2H13 1H14
first HALf 2014 7
In the Bedford Stuyvesant-Crown Heights market, the average apartment price reached $546,834 in the rst half. This was a 31% increase compared to the
rst half of 2013.
COOPERATIVE & CONDOMINIUM
CONDOMINIUM
Bedford Stuyvesant-Crown Heights
Average & Median Price Average Price Per Square Foot
TOWNHOUSE
Average & Median Price
While the number of townhouse sales in this area showed a modest increase from a year ago, prices rose at a much faster pace. The average price of
$739,460 for a townhouse was 28% higher, and the median price of $700,000 was 31% higher than the rst half of 2013.
TOWNHOUSE
Number of Sales
Average Sale Price
Median Sale Price
$550,000
$500,000
$450,000
$400,000
$350,000
$250,000
$300,000
$418,343
$399,500
$459,546 $425,000
$450
$400
$350
$300
$250
$150
$200
$546,834
$499,000
$481$412
1H13 2H13 1H14 1H13 1H14
$800,000
$700,000
$600,000
$500,000
$400,000
$200,000
$300,000
Average Sale Price Median Sale Price
$576,574
$532,500
$627,108
$575,000
$739,460
$700,000
650
600
550
500
450
350
400
589 564 628
1H13 2H13 1H14
1H13 2H13 1H14
first HALf 2014 8* Includes 1-4 family dwellings.
Townhouses
*
AVERAGE PRICE NUMBER OF SALES
Area First Half 2014 First Half 2013 % Change First Half 2014 First Half 2013 % Change
Bath Beach $857,625 $712,317 20% 48 41 17%
Bay Ridge $918,345 $764,940 20% 110 82 34%
Bedford Stuyvesant $734,454 $570,872 29% 442 443 0%
Bensonhurst $913,199 $793,289 15% 124 119 4%
Bergen Beach $617,174 $613,933 1% 23 32 -28%
Boerum Hill $2,387,844 $2,247,522 6% 23 12 92%
Borough Park $980,832 $761,938 29% 115 118 -3%
Brighton Beach $432,224 $350,706 23% 14 17 -18%
Brooklyn Heights $5,763,182 $3,802,500 52% 11 6 83%
Brownsville $361,195 $324,212 11% 66 38 74%
Bushwick $572,059 $429,262 33% 226 203 11%
Canarsie $403,802 $380,604 6% 133 98 36%
Carroll Gardens $2,684,825 $1,743,147 54% 29 17 71%
Clinton Hill $1,751,381 $1,452,565 21% 26 27 -4%
Cobble Hill $2,881,136 $2,528,846 14% 11 13 -15%
Columbia St. Waterfront District $1,648,200 $1,122,500 47% 10 2 400%
Coney Island $404,556 $349,000 16% 9 9 0%
Crown Heights $754,512 $596,089 27% 147 121 21%
Ditmas Park $963,464 $1,136,750 -15% 14 12 17%
Dyker Heights $810,123 $784,243 3% 59 69 -14%
East Flatbush $424,973 $386,030 10% 136 108 26%
East New York $370,771 $340,052 9% 245 240 2%
East Williamsburg $1,195,909 $1,097,625 9% 22 20 10%
Flatbush $498,251 $425,318 17% 67 36 86%
Flatlands $427,511 $385,048 11% 72 79 -9%
Fort Greene $2,089,767 $1,850,357 13% 21 21 0%
Gerritsen Beach $318,805 $308,237 3% 26 19 37%
Gravesend $854,563 $843,549 1% 141 119 18%
first HALf 2014 9* Includes 1-4 family dwellings.
Townhouses
*
AVERAGE PRICE NUMBER OF SALES
Area First Half 2014 First Half 2013 % Change First Half 2014 First Half 2013 % Change
Greenpoint $1,278,490 $984,609 30% 21 23 -9%
Kensington $772,448 $722,071 7% 29 28 4%
Manhattan Beach $1,170,055 $738,458 58% 19 12 58%
Marine Park $519,666 $471,448 10% 89 101 -12%
Midwood $914,238 $830,863 10% 146 136 7%
Mill Basin $734,101 $664,306 11% 56 44 27%
Park Slope $2,233,278 $2,012,990 11% 82 58 41%
Prospect Heights $2,288,923 $1,804,588 27% 13 17 -24%
Prospect Park South $852,500 $631,000 35% 4 5 -20%
Prospect-Lefferts Gardens $979,564 $668,964 46% 41 35 17%
Red Hook $922,375 $801,667 15% 8 3 167%
Sea Gate $595,279 $435,250 37% 14 2 600%
Sheepshead Bay $692,386 $643,834 8% 173 143 21%
Sunset Park $914,373 $808,991 13% 116 109 6%
Williamsburg North Side $2,073,667 $1,236,556 68% 15 9 67%
Williamsburg South Side $666,594 $654,200 2% 9 10 -10%
Windsor Terrace $1,324,100 $1,011,118 31% 35 38 -8%
212.906.9200 fax 212.906.9288
Prepared by Gregory Heym, Chief Economist, Brown Harris Stevens
©2014 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.
EAST SIDE
445 Park Avenue
Hall F. Willkie, President
Bess Freedman, EVP
Managing Director of Sales & Business Development
Ruth McCoy, EVP
Managing Director of Sales
UPPER EAST SIDE
1121 Madison Avenue
Peter R. Marra, EVP
Managing Director of Sales
EDWARD LEE CAVE DIVISION
790 Madison Avenue
Caroline E. Y. Guthrie
President
WEST SIDE
1926 Broadway
Kevin Kovesci, EVP
Managing Director of Sales
VILLAGE
2 Fifth Avenue
Stephen Klym, EVP
Managing Director of Sales
TRIBECA
43 North Moore
Stephen Klym, EVP
Managing Director of Sales
BROOKLYN HEIGHTS
129 Montague Street
Christopher Thomas, EVP
Managing Director of Sales
PARK SLOPE
100 Seventh Avenue
Camille Logan, EVP
Managing Director of Sales
