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Average Home Price in Brooklyn Over $1 Million for First Time Ever

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Brooklyn, NY

Even as the housing market cools off in our area, the average home price in Brooklyn has surpassed $1 million for the first time ever, according to new market reports.

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Queens and Brooklyn have some of the fastest residential price growth in the U.S. as high-quality new developments over the past few years have pushed prices all the way up while buyers hunt for value in outer boroughs.  Both boroughs logged record average prices in the third quarter: $1.052 million in Brooklyn and $635,281 in Queens, according to Douglas Elliman.  Luxury prices have started to plateau, even though the number of high-end home sales remains strong.

While both markets are doing well this is only fueling the affordability crisis in the city.  This level of growth, while good for homeowners, is clearly unsustainable.

Are you concerned that the bubble may burst soon?

Let us know your thoughts.

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