Brooklyn Townhouse Report | 2017
The Brooklyn townhouse market is more diverse, more sprawling, and more active than its counterpart in Manhattan. In fact, more than six times as many townhouses sell in Brooklyn annually than are traded in any other borough.
Corcoran’s 2017 Brooklyn Townhouse Report a detailed analysis of single-family and multi-family (two- to four-family) townhouse sales that closed in Brooklyn last year.
Among its findings:
* The Brooklyn townhouse market backed off from the robust activity seen in 2016: Rising prices throughout the borough slowed both townhouse sales and the trend of townhouses undergoing extensive renovations as either a value-add investment, rental income property or even a quick flip. Some neighborhoods, particularly Bedford-Stuyvesant, Crown Heights and Bushwick, experienced fewer quick resells in 2017.
* Overall price figures, as well as average and median price, were higher in 2017: This trend likely contributed to tempered activity. Last year, buyers paid an average price of $1.853M for a townhouse in Brooklyn, 11% more than in 2016. Median townhouse price increased 9% year-over-year, driven by an increase in townhouse sales over $2M in addition to prices continuing to appreciate rapidly in western parts of Brooklyn.
* Single-family townhouses sales increased and expanded into more neighborhoods: Single-family townhouse sales increased 8% compared to 2016 as buyers were enticed by newly renovated townhouses. Those sales also expanded throughout western parts of Brooklyn, particularly in Red Hook, Park Slope and Boerum Hill. Conversely, multi-family sales declined 7% year-over-year which drove the overall townhouse market down in 2017. Although multi-family townhouse sales improved in few neighborhoods such as Park Slope, Greenpoint and Brooklyn Heights, the decline in northern and eastern parts of Brooklyn far outweighed those gains.
Please feel free to reach out to me if you have any questions about the Brooklyn Townhouse Report. I welcome the opportunity to be of assistance to you.
Corcoran’s 2017 Brooklyn Townhouse Report a detailed analysis of single-family and multi-family (two- to four-family) townhouse sales that closed in Brooklyn last year.
Among its findings:
* The Brooklyn townhouse market backed off from the robust activity seen in 2016: Rising prices throughout the borough slowed both townhouse sales and the trend of townhouses undergoing extensive renovations as either a value-add investment, rental income property or even a quick flip. Some neighborhoods, particularly Bedford-Stuyvesant, Crown Heights and Bushwick, experienced fewer quick resells in 2017.
* Overall price figures, as well as average and median price, were higher in 2017: This trend likely contributed to tempered activity. Last year, buyers paid an average price of $1.853M for a townhouse in Brooklyn, 11% more than in 2016. Median townhouse price increased 9% year-over-year, driven by an increase in townhouse sales over $2M in addition to prices continuing to appreciate rapidly in western parts of Brooklyn.
* Single-family townhouses sales increased and expanded into more neighborhoods: Single-family townhouse sales increased 8% compared to 2016 as buyers were enticed by newly renovated townhouses. Those sales also expanded throughout western parts of Brooklyn, particularly in Red Hook, Park Slope and Boerum Hill. Conversely, multi-family sales declined 7% year-over-year which drove the overall townhouse market down in 2017. Although multi-family townhouse sales improved in few neighborhoods such as Park Slope, Greenpoint and Brooklyn Heights, the decline in northern and eastern parts of Brooklyn far outweighed those gains.
Please feel free to reach out to me if you have any questions about the Brooklyn Townhouse Report. I welcome the opportunity to be of assistance to you.
No comments
All related comments are welcome. Spam and spammy links will not be published and will be deleted.