BED-STUY, NY — Brooklyn’s brownstones are selling fast as wealthy buyers continue to shop despite elevated prices citywide, a StreetEasy study found.
The study found that, on average, interest in Brooklyn property listings in June jumped 34.2 percent over June 2019. It’s the most competitive property sales market in New York City since the pandemic started, according to StreetEasy.
This jump came as asking prices for properties citywide hit record highs for the third month in a row and mortgage rates soared.
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Sales across “brownstone Brooklyn” — Cobble Hill, Bed-Stuy and Fort Greene — slightly decreased over the first half of 2023 as compared to the year before, but townhouse sales are still rapidly outpaced Manhattan.
“While more modest than last year, the townhouse market in Brooklyn remains strong as wealthy buyers turn to Brooklyn from Manhattan,” researchers with StreetEasy said in their report.
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And researchers suspect Brooklyn’s popularity is largely due to Manhattan’s huge price-point — on average, Brooklyn townhouses listed for half the price of Manhattan townhouses. Brooklyn’s townhome prices remained relatively stable in 2023.
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In the first half of 2022, buyers locked down 114 townhomes in Manhattan compared to 189 in Brooklyn, according to StreetEasy.
And Brooklyn buyers are moving way faster than their Manhattan neighbors — on average, townhomes sat on the market for just 45 days in Brooklyn and 142 days in Manhattan.
Boerum Hill proved Brooklyn’s most popular area for townhome sales in the first half of 2023 — the average townhome in Boerum Hill received nearly 80 percent more interest than just three years ago.
Cobble Hill outpaced 2019 by nearly 70 percent and Prospect Heights by about 31 percent.
Waterfront condos, like those in Williamsburg, also saw a big jump in buyer interest in 2023. Williamsburg topped the condo market in New York City.
Bed-Stuy’s renter market also proved hot in the beginning of 2023. In June, a RentHop study found Bed-Stuy was one of the five most desirable spots for New York City renters based on high search volume.
Read the full study from StreetEasy.
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