Temperatures are cooling down, but Brooklyn’s residential market
certainly isn’t. Both the median and the average sale prices notched
record highs as demand for tertiary living continued to thrive
throughout the late spring and summer of 2015.
According to the Elliman 3rd Quarter report findings, the lower
borough saw an average sale price of $856,839 for condos, co-ops and 1-3
family properties. This is an 18 percent jump compared to the same
period last year.
The median price jumped by more than 15 percent to over $676,000, a
new high, and the luxury market drove prices to a median level of
$2,025,000 per property.
“Brooklyn reached its highest price per square foot level ever for
the third quarter in a row, this is mainly due to the lack of supply
combined with the aggressive demand to want to buy in Brooklyn,” Nadia
Bartolucci, a salesperson at Douglas Elliman who specializes in Brooklyn
properties told Brokers Weekly.