Average and median home prices hit new highs in Brooklyn in the first quarter, even as inventory jumped, showing continued strong demand.
After a period of constrained inventory followed by slight easing, the number of homes on the market rose 9.2% to 2,635 in the quarter compared to a year earlier, according to a report prepared by appraisal firm Miller Samuel for Douglas Elliman.
The average sale price for all types of homes sold in the quarter increased 7.7% year over year to $1,281,784. The median sale price reached $995,000, an increase of 4.7% vs. the same period a year before. Both set new records for prices in the borough, the report said.
While price per square foot barely budged for condos and houses across the borough, in north Brooklyn average price per square foot leapt 19.6% to $1,367 year over year. Indicators stayed steady or ticked down slightly in northwest Brooklyn for all types of homes, including brownstones.
Average price per square foot for new development throughout the borough, in contrast, rose by 15.5% to $1,300 for the year. In all, 2,301 homes changed hands in the first quarter.
This story first appeared on Brooklyn Paper’s sister site Brownstoner
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