Apartments

The number of transactions were down in every category, but this was most evident in 4+ bedroom apartments, where transactions were down by nearly 50% and the median price was down by 14.9%. This is likely due to the large number of high-end buyers who exited NYC to ride out the pandemic elsewhere.

Median prices also decreased in 3-bedroom apartments, but only by 4.5%, perhaps highlighting a higher demand for larger spaces while working/schooling from home. Median prices for 1- and 2-bedroom apartments remained largely the same, suggesting that the needle has not moved much in terms of negotiability for first-time or lower-priced buyers.

Townhouses

Considering what 2020 brought us, the townhouse market in the Brooklyn neighborhoods we cover showed a very respectable performance.  The median price remained almost unchanged, and that is with 13% fewer townhouses sold for the year.  

All indications are that 2021 will be strong as well - Brooklyn has been a great beneficiary of the trend toward a home with autonomy and flexible space.  

One thing we noted - the super low interest rate environment has not meant that credit is easy.  Banks have significantly tightened lending standards and appraisal criteria.  It is even more of a priority now for us to scrutinize the creditworthiness of buyers.