Brooklyn houses prices are always fluctuating. Continuously. This is because we are talking about a very large area but also an extremely diverse borough. Several times we have discussed this. And more than once we have obtained totally conflicting results. That is why, today too, we have decided to bring you a new piece of news. The real estate market in Brooklyn is evolving again. And strangely enough, it shows a nice +12% compared to the previous quarter. The increase is in the average house price. This is an important statistic, which is in stark contrast to the slower Manhattan market. So, if you’re eager to learn more, we can start our new column! Brooklyn is waiting for us!
Let’s start with the assumption that the borough of Brooklyn has always fascinated potential investors. Therefore, in different times than the one we are currently experiencing, a price increase would not have been news. But it is precisely the pandemic emergency that makes this situation anomalous. The big cities, as stated in previous columns, have seen the biggest falls. This is because the lack of fully staffed offices, luxury shops packed with shoppers, but also holidaymakers in general, have led to a gradual collapse in prices. And therefore of the real interest of investors. This interest has shifted to the countryside and places surrounded by nature. Totally removed from the bustle of the city. To put it simply, the increase in prices in Brooklyn is quite striking.
Let’s now take a look at the data that has characterised and continues to characterise Brooklyn’s price trends. Compared to the end of 2020, the increase is currently 2.9%. In the first quarter of the year, strange but true, 2,822 transactions were concluded. Although this may not sound like much, let’s put it in context. We are in the midst of a pandemic. People are afraid to take new steps, especially if they are big ones. But Brooklyn is resilient. And if we look at the same period in 2020, the increase is 11.9%. Almost twelve percentage points. But that’s not all. Luxury real estate is the emblem of a change that we hope will continue. In this second case, we have a good twenty-six percentage points positive compared to 2020. With an average sale price that is 6% higher than a year ago.
So it’s no surprise that the Brooklyn real estate market is now marked by a significant increase in average prices. But let’s take a look at the most expensive sale completed in this borough. We’re talking about a type of property that is very popular. The duplex. This time with 1250 square metres. The structure is extraordinarily beautiful. We are talking about four bedrooms, three bathrooms and a spectacular panoramic view of both New York harbour and the Manhattan skyline.
Although slow, as previously stated, Manhattan is also recovering. But not at the same pace as Brooklyn. But what we hope is that it will happen soon!
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