Median July Home Resale Price in East Brooklyn Up 10.7% Over Last Year

EAST BROOKLYN — This July, the median resale price for homes in East Brooklyn was $464,379, a 10.7 percent increase over the same value in July 2015, and the largest jump in the borough.

The finding comes from a new study by real estate company StreetEasy.

The study also found that the median East Brooklyn home seller received 97.2 percent of what they asked for their property.

The company included the following communities within its East Brooklyn subgroup: Bedford-Stuyvesant, Brownsville, Bushwick, Crown Heights and East New York.

Additionally, the median asking rent for East Brooklyn properties of any size stood at $2,530 in July, up 5.4 percent from July of last year. (A note: that number was based only on properties listed on StreetEasy.)

Here's a more specific breakdown of median July rental asking prices in East Brooklyn neighborhoods compared to July 2015 (further detail is available in the study itself):

• Bedford-Stuyvesant: $2,500, up 2.9 percent
• Brownsville: $1,700, up 9.9 percent
• Bushwick: $2,650, up 2.2 percent
• Crown Heights: $2,500, up 4.1 percent
• East New York: $2,500, up 10.8 percent

According to the study, Brooklyn's overall median resale price was $563,416 in July, an increase of 4.7 percent over July 2015, and the smallest year-over-year percentage increase since the difference measured between October 2012 and October 2011.

StreetEasy projected that by next July, median resale prices for the borough would be up another 3.9 percent, to $585,398. The East Brooklyn market would settle down, the company forecast, and would increase only 0.4 percent over the next 12 months.

Image via American Advisers Group