Corcoran just released a dedicated research report on Brooklyn townhouses. Although Corcoran has been covering the Brooklyn market for the better part of two decades, this is the first time they have a dedicated report highlighting the activity and value created in this market.
Major findings of the 2016 Brooklyn Townhouse Report:
- Sales activity was a little cooler. The number of townhouse sales in 2016 was down 5% vs 2015.
- Prices are up. The median price for a Brooklyn townhouse in 2016 was $1.75M, up 9% and the price per square foot was $772, up 4%.
- Investment opportunities. Investors pounced on opportunities in several market segments.
Trends varied in each neighborhood. Most experienced a decline in multi-family sales, with a few flat. The single-family market expanded in Williamsburg and Greenpoint; Carroll Gardens, Boerum Hill and Red Hook; and Bedford-Stuyvesant, Crown Heights, and Bushwick. Other areas had double-digit decreases in sales of these homes.
Both this year and last, the largest market share of townhouse sales were in the $1M to $2M range: just under half of all sales. The $2M to $3M range expanded to nearly one-quarter of all sales, while $3-$4M townhouses also captured more buyers. The extreme high-end and low-end price categories both lost market share versus 2015. Sales under $1M and sales over$5M were both lower.
Sales in Bedford-Stuyvesant, Crown Heights and Bushwick far outpaced sales in other neighborhoods in Brooklyn during the last two years. At over a 40% market share, this neighborhood was the most active multi-family townhouse market in the borough. The Meier Team has been very active in these neighborhoods as we see value for our clients. The market has been rabid for the last six months and, as such, much of the $1.2 – $1.4M 2-unit townhouses have been sold and the market eagerly awaits for the release of new inventory by developers.
For a complete 2016 Brooklyn Townhouse Report please find it here.