This summer, prices are up all across the city with the median sales price in Manhattan rising to $960,000, up nearly 8 percent from last summer, and the median sales price in Brooklyn clocking in at $611,000. The growing prices, however, have not discouraged buyers from snapping up properties fast.
The typical home in Manhattan spent just 44 days on the market, down 15 days from last quarter. Over in Brooklyn, the market is even more aggressive with homes typically selling in just 41 days.
In both markets, the combo of historically low inventory and the influx of determined buyers has fueled the intensity, spurring homes to enter contract quickly no matter the price. The demand for higher-priced properties in Brooklyn was actually stronger than it was for lower-priced properties. Homes priced above $716,000 sold in just 36 days while homes priced below $381,000 took 54 days to sell.
The fastest-selling neighborhoods in Brooklyn and Manhattan, however, were a mix of traditionally tony areas and also some dark horse contenders. The title for fastest-selling neighborhood, in fact, was a tie between three very distinct neighborhoods.
The Lower East Side, Park Slope and Sunset Park couldn’t be more different in terms of housing stock and neighborhood vibe, but each had a days-on-market of just 29 days — far below each borough’s respective median (Brooklyn’s was 41 and Manhattan’s was 44).
By and large, most of Manhattan’s fastest-selling neighborhoods were Downtown, where inventory tends to be particularly low. In Brooklyn, brownstone-heavy neighborhoods and neighborhoods near Prospect Park were typically among the fastest-selling.
10 fastest-selling neighborhoods in Brooklyn and Manhattan:
|Brooklyn’s Fastest-Selling Neighborhoods|
|Park Slope||29 Days|
|Sunset Park||29 Days|
|Fort Greene||30 Days|
|Cobble Hill||32 Days|
|Prospect Heights||32 Days|
|Ditmas Park||33 Days|
|Brooklyn Heights||33 Days|
|Carroll Gardens||35 Days|
|Clinton Hill||36 Days|
>>See homes for sale in Brooklyn
|Manhattan’s Fastest-Selling Neighborhoods|
|Lower East Side||29 Days|
|East Village||35 Days|
|Upper West Side||36 Days|
|Manhattan Valley||38 Days|
|Murray Hill||39 Days|
|Washington Heights||39 Days|
|West Village||40 Days|
|Kips Bay||41 Days|
|Lincoln Square||41 Days|
>> See homes for sale in Manhattan
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