In October, despite a significant uptick in the median asking price for Brooklyn homes, the real estate market remained robust, witnessing a remarkable surge in buyer activity.
According to a recent report from StreetEasy, the median asking price for a Brooklyn home soared to $1.095 million, marking a substantial 15.3 percent increase from the same period last year.
Surprisingly, this price hike did little to dissuade potential buyers, as 511 homes secured contracts in Brooklyn during October, showcasing a notable 19 percent upswing compared to September.
However, while the borough experienced a surge in contracts, overall sales still lagged behind last year’s figures, and the housing inventory remained notably below pre-pandemic levels.
Nevertheless, the limited availability worked in favor of sellers, who managed to command 98.4 percent of their asking prices in October.
Brooklyn’s waterfront areas emerged as hotspots, with Williamsburg, Greenpoint, and DUMBO collectively accounting for over 30 percent of the borough’s condominium sales, totaling 27, 15, and 14 sales, respectively.
On the rental front, Brooklyn presented a costly landscape, with the average monthly rent pegged at $3,350 in July, despite the average apartment size hovering around 650 square feet, according to Rent Cafe.
Greenpoint took the lead in terms of rental expenses, commanding an average monthly rent of $4,847. Meanwhile, across the East River in Manhattan, the median asking price stood firm at $1.595 million in October, reflecting a 6.7 percent increase from the same period in 2022.
Compounding the real estate landscape, mortgage rates reached a two-decade high, hitting 8 percent. This dynamic scenario in both Brooklyn and Manhattan signals a nuanced interplay between escalating prices, buyer demand, and evolving market conditions.
Source: redd.it
