Best Home Deals Go To North Brooklyn's Richer Buyers, Study Finds

BROOKLYN, NEW YORK – Now is a great time for richer people to buy homes in northern Brooklyn, but not so much for anyone else, a new study found.

Home prices in north Brooklyn reached a record-breaking high last month — peaking at a $1,229,838 average — but many were offered at discounts, according to a StreetEasy report that also found less expensive homes became rarer and didn’t stay on the market for long.

“This summer is poised to offer an excellent negotiating opportunity for buyers with big budgets,” said StreetEasy Senior Economist Grant Long. “More affordable homes are the hardest to find.”

The findings are part of a report from StreetEasy, an online real estate market based in New York City that culled through its own data to determine sales trends in Brooklyn, Manhattan, and Queens in May.

Analysts found that northern Brooklyn prices skyrocketed in comparison to the rest of the borough — its price index rose 11 percent while Brooklyn’s grew by just 1 percent to $720,555, the report found.

But the study also found that 12 percent homes on the market had price cuts and Brooklyn homes spent more time on the market than they did the year before. The borough-wide average was about of 53 days, but northern Brooklyn homes got bought up after about 43 days, 26 days faster they did last year.

Northern Brooklyn also bucked the trend for the number of homes on the market. While the amount Brooklyn homes for sale jumped by 23.4 percent, it fell in northern Brooklyn by almost 7 percent.

The study noted that while it became more difficult to find affordable homes for sale, there was good news for renters in northern Brooklyn. While the Brooklyn Rent Index increased to $2,562, northern Brooklyn rents stayed about the same at about $3,062-per-month.

Analysts pointed to the pesky L train shutdown, slated to start in April 2019, as a possible cause for the stagnant rents.

To read the full report, and to see how rates rank in Manhattan and Queens, check out the full report on StreetEasy.com.

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