The real estate market in Brooklyn has constantly been on the rise, especially over the past three years. Being up to date with the current listings and comparing prices of previous years can help predict where the market is going to head. Knowing this will help you figure out when the best time to buy would be. As the best mortgage lender in Brooklyn, I can update you on the current market, and give credible advice on when the best time to buy would be.

Market Update

Brooklyn’s residential market has been consistently rising over the past three years. According to Realtor.com, the median listing price in March 2015 was $699,000. The price then rose 4.3% the following year to $729,000. By March 2017, the listing price was $875,000, and the currently median price is now listed as $899,000. Over the past three years, Brooklyn’s median home listing has increased almost 29%. This consistent trend suggests that the market is going to continue to increase. If you are looking to buy and need a Brooklyn mortgage, now would be a good time to obtain one before the prices rise again.

The median price per square foot has mirrored the same trends as the listing price. In March 2015, the price per square foot was $448, and by March 2018, the price was $629. This is a 40.4% increase over the past three years. This escalation in square footage price suggests that the real estate in Brooklyn is becoming more valuable and therefore more popular. With a popular market, means competitive pricing, so act now before the homes become more expensive.

Get Started Today

Buying a home will most likely be the biggest expense you ever have. Based off of the residential market trends over the past three years, Brooklyn housing is expected to continuously increase. Act now and obtain a Brooklyn mortgage before they get more expensive. Call my office today at 888-210-0706, so I can help make your dreams of homeownership come true.