Market Data Market Reports

Buyers Face Heightened Competition in Brooklyn this Summer

According to the Q2 2016 StreetEasy Market Reports, Brooklyn buyers experienced an intensely competitive market in the first half of the summer, facing higher prices and a scarcity of homes selling for under asking price. In comparison, sales inventory in Manhattan increased just slightly over the last year and homes spent eight days longer on the market than those in Brooklyn.

See below for more details about key themes from StreetEasy’s Q2 2016 Market Reports.

Key Market Indicators Point to a More Competitive Brooklyn Market

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Slowing Sales Price Growth Continues in Both Boroughs

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12-Month Outlook

Sales price growth in both boroughs will continue to slow over the next 12 months. Price growth in North Brooklyn is expected to increase the most at 8.6 percent and it is the only submarket in the borough where resale price is forecasted to exceed $1 million. The borough’s median sales price is expected to increase 4.2 percent over the next year. In Manhattan, price growth in the Downtown submarket is predicted to remain flat, with Upper Manhattan and Midtown predicted to have the highest annual growth in the borough at 5.1 and 4.5 percent, respectively. Manhattan’s median resale price is expected to increase 1.9 percent to $1.01 million.

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