What are the best Brooklyn neighborhoods for buyers? We looked at median prices to find out.
The latest StreetEasy Market Reports have shown rising inventory levels and stagnating prices across the city — especially in Brooklyn. This should come as a relief to first-time buyers hoping to break into a borough where booming new development and droves of new residents have pushed up prices over the last 15 years. Although the days of Brooklyn’s bargain-basement steals are long gone — the median sale price reached a substantial $760,000 last year — the confluence of record-high inventory levels and price cuts, along with plateauing asking prices, means buyers have opportunity. If you’re seeking to buy an affordable home in Brooklyn, here are five neighborhoods that make good bets — all have median prices within $100,000 of the boroughwide median.
1. Clinton Hill
- Median recorded sale price: $790,000
Why buyers will love it: A mix of historic townhouses and large prewar co-ops makes for many housing options, while the neighborhood’s shady streets and the peaceful lawns of the Pratt Institute create a calm, residential environment. Access to the A, C and G subway lines also means fast commutes. >>Start searching in Clinton Hill.
2. Bay Ridge
- Median recorded sale price: $520,000
Why buyers will love it: Tucked in on the southern tip of Brooklyn, the neighborhood of Bay Ridge has affordable homes and a more small-town vibe. Although it’s quite removed from Manhattan and Downtown Brooklyn, the neighborhood offers more space for less money and an old-school Brooklyn charm that’s all its own. >> Start searching in Bay Ridge.
3. Crown Heights
- Median recorded sale price: $858,875
Why buyers will love it: Crown Heights is one of Brooklyn’s largest neighborhoods, encompassing a huge swath of Central Brooklyn. Spanning from the edge of Prospect Park all the way to Brownsville, the neighborhood offers a mix of large, mid-century co-op buildings, historic townhouses, and a handful of newly constructed condos. The diversity of its homes and street life make Crown Heights one of Brooklyn’s most lively neighborhoods. >> Start searching in Crown Heights.
4. Downtown Brooklyn
- Median recorded sale price: $770,000
Why buyers will love it: If you’re in the market for brand-new condo, Downtown Brooklyn has an abundance of them. The neighborhood has been an epicenter of construction activity in the borough for the last 10 years, which means buyers have plenty of inventory to choose from, plus leverage to negotiate. Easy access to transportation and a 24/7 vibe make the neighborhood an appealing choice for buyers commuting to and from Manhattan. >> Start searching in Downtown Brooklyn.
5. Ditmas Park
- Median recorded sale price: $691,750
Why buyers will love it: In dense, congested city, Ditmas Park is a breath of fresh air. The streets are calm, wide and residential. The community is welcoming and familiar. It’s a neighborhood that will appeal to buyers looking to settle down and stay a while. Home prices run from the solid six-figure range for co-ops in the neighborhood’s numerous mid-size apartment buildings to seven figures for its gorgeous, rambling single-family houses. >> Start your search in Ditmas Park.
> Join us for the Brooklyn First-Time Home Buyers Series on October 20. Register for free here.