Keeping track of what the local housing market is doing can be helpful when you are thinking about buying or selling a home. Speaking to a seasoned Brooklyn mortgage lender like myself can help give you the insights you need to make the best decision for you. Let’s take a look a what the Brooklyn area housing market is doing as we move into Autumn.
Brooklyn Housing Market Update 2019
So far, we have seen home values going up by 2.4% in the area of New York. Median home prices for last month were at $677,000 and it’s predicted that prices will rise a further .02% within the next year. The median price per square foot was $711, a big jump in comparison to the $286 average from the Metro area. For September, median prices for New York homes are $799,000, and the median rental price sits at $2,895, a lower figure than the metro area’s $3,099.
In Brooklyn, sales activity has been softer than it was during this time last year. However, it was still among the highest for closings during the 2nd quarter. Saying that the 2019 2nd quarter was still relatively strong. Over 1,500 sales transactions on apartments were done between April and June, which was one of the highest sales figures to be recorded in the past decade where 2nd quarter figures are concerned.
Home sales have remained rocky for the Manhattan, Brooklyn, and Queens areas, but those owning rental properties are still cashing in, as homebuyers are stalling to wait out the market. August saw Rents rising across the board. Queens saw a decline of 1.9% in median rental prices for the 2nd month in a row.
In Brooklyn, we saw pricing rise by 1% for both 1 bedroom and studio homes, 2% for 2 bedroom homes, and 3% for 3 bedroom homes. For the rental sector, studio apartments in Brooklyn were going for $2,559 a month in August, 1 bedrooms were at $3,166, 2 bedrooms at $4,223, and 3 bedrooms at $ 5,528.
Residential sales for this month saw median sales prices up 4.5%, but closed sales were down 4.5% while total inventory was up 27.3%. The average time on the market was 5 days, with average sales prices at $1,030,200, which is up 6.8%. Sales were up 15.6% at 2,561. For the last quarter, homes were on the market a total of 102 days from listing, up 8.5%, and inventory was at 3,405, which was up 6.3% from the previous quarter. However, compared to last quarter, the supply is down by 7.03% with a 4 month supply currently in inventory. Average home sales in Brooklyn, year to date, are at $999,641.
The north of Brooklyn saw the number of sales surge, with large gains on average sales prices. The south Brooklyn price trend indicators have moved higher, but sale numbers were still declining. In Brooklyn’s east area, the average median sales price increased to the 2nd highest on record. The northwest saw an average median sales price increase from this time last year as well.
If you are looking for more information on the market in your area or want to know what you would qualify for, give your trusted Brooklyn Mortgage Lender a call today!
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