Brooklyn Market Overview
The 2022 Brownstone Brooklyn market is difficult to assess on its own after the explosive market in 2021. Year-over-year comparisons after a record-setting, post-pandemic bubble make 2022 appear somewhat drab. But that simply isn't the case! The number of transactions declined (by 11%), but prices did not; in fact, 2022 was a record-setting year for a few brownstone neighborhoods. Transactions spiked by 72% (!) from 2020 to 2021, so a decrease in 2022 was not a surprise.
Apartments
The apartment market in the neighborhoods we cover continued along certain year-over-year trends. Similar to past years, we saw the highest number of transactions in the 2-bedroom category. Reasonably priced, large 2-bedrooms with home offices or room to grow were the most popular. One category that stood out to us was 4-bedroom apartments, where the number of transactions declined, but the median price, $4mm, reflects the ultra-luxury products that are largely new to the market. Many of the sales of these larger apartments are in newly developed luxury condos, inventory that simply didn't exist a couple of years ago. These condos appeal to many of our townhouse buyers who want to downsize, or at least move to a single floor, and to families seeking the square footage without the maintenance of a townhouse.
Townhouses
Any annual review of 2022 must account for a tale of two markets. We saw a continuation of 2021's runaway sellers' market until midyear, when the Fed began its campaign of interest rate hikes. From there, we saw a major rebalancing of the market. Buyers had negotiating power for the first time in years, and where they chose to strike was often in safer bets: towards the best block in the neighborhood, with minimal to no renovation needed--construction timelines on top of increased loan costs made large scale renovations unappealing to many buyers. In this flight to quality, some townhouses still received multiple competitive bids. Others in compromised locations, needing renovation or unstaged, sat on the market. While this is a major mental shift for sellers, it is a much better approximation of a normal market.
As always, if you have an interest in knowing your home's value
for any reason at all, we are here and happy to help.
Brooklyn By the Numbers
Median Price
1 BEDROOM
$700,000
1 BEDROOM
-76, year-over-year
2 BEDROOM
$1,238,885
2 BEDROOM
3 BEDROOM
$2,085,000
Transactions
-78, year-over-year
3 BEDROOM
4+ BEDROOM
$4,100,000
-88, year-over-year
4+ BEDROOM
+12 year-over-year
Brooklyn Townhouses
Median Price by Neighborhood
NEIGHBORHOOD
Bed-Stuy
Boerum Hill
Carroll Gardens
Clinton Hill
Cobble Hill
Fort Greene
2015
$1.19M
$2.50M
$2.85M
2016
$1.30M
$3.35M
$2.70M
2017
$1.10M
$3.38
$2.95M
2018
$1.25M
$3.40M
$3.04M
2019
$1.30M
$3.10M
$2.95M
2020
$1.37M
$2.75M
$4.30M
2021
$1.47M
$2.60M
2022
$1.76M
$3.28M
% change from prior year
+19.35%
+26%
Brooklyn Heights
Crown Heights
$5.98M
$1.35M
$2.80M
$6.20M
$5.65M
$1.15M
$2.55M
$6.50M
$4.85M
$1.20M
$2.63M
$4.50M
$2.93M
$1.36M
$5.60M
$2.95M
$3.45M
$6.45M
$3.07M
+15%
+4%
$2.53M
$2.25M
Prospect Heights
Windsor Terrace
$3.50M
$1.55M
$3.75M
$1.15M
+27%
$2.41M
.
$2.45M
$2.75M
$3.70M
.
$2.30M
$3.60M
$1.20M
$2.75M
.
$2.40M
$4.39M
$2.45M
$2.50M
.
$3.15M
$1.79M
$2.80M
$2.66M
$1.29M
$3.19M
$2.38M
$3.00M
$3.08M
$5.00M
$1.64M
$2.88M
$1.88M
$3.45M
+15.73%
+45%
-9.7%
Gowanus
.
-21%
Park Slope
$2.70M
$2.53M
$2.90M
+15%
$2.75M
$2.50M
$2.58M
$2.75M
$2.70M
$2.30M
$2.80M
$3.53M
+26.07%
Prospect Lefferts Gardens
.
.
$1.62M
$1.65M
$1.68M
$1.70M
$1.78M
$1.55M
$1.71M
$1.68M
$1.72M
$1.73M
$1.68M
$2.10M
$2.20M