First Quarter 2021 Residential Market Report Brooklyn
BHSID 19098184 We’re growing!
Halstead has joined Brown Harris Stevens - which means BHS now has 2,500 agents and 55 offices in luxury markets across NYC, the Tristate area, the Hamptons, Palm Beach, and Miami.
Historically ranked among the nation’s top residential firms, in 2019 both firms combined closed 6,000 transactions totaling more than $9 billion.
Simply put, we have more resources than ever to support our trusted clients.
We are here to serve you, and Brown Harris Stevens has never been stronger. We look forward to working together.
BHSID 20650302
BHS 1 Message from Bess Freedman CEO of Brown Harris Stevens
The Brooklyn residential market remained hot in the first quarter of 2021, with prices for both apartments and townhouses higher than a year ago. Apartment prices averaged $939,368, which was 13% more than 2020’s first quarter. The average 1-3 family house price of $1,289,768 represented a 7% improvement over the past year.
Apartment sales continued to surge in 2021’s first quarter, with the number of closings up 20% from a year ago. That’s impressive considering COVID-19 had very little impact on closings in the first quarter of 2020, while it is still impacting our economy today. Contracts signed in the first quarter to buy a Brooklyn apartment hit their highest level in almost four years, a sign that this momentum is only getting stronger.
BHSID 20625191
BHS 2 Q1 2021 Cooperatives & Condominiums
Both the average and median prices posted strong gains compared to
2020’s first quarter.
Pricing gains were seen in both resale and new
development apartments All Brooklyn
BHSID 20615512 over the past year. BHS 3 Q1 2021 All Brooklyn Cooperatives & Condominiums*
BHSID 20354553
Cooperatives & Condominiums Average & Median Sales Price
$1 ,200 ,0 00
$1,000,000 $939,368 $878,001 $875,372 $832,732 $836,869 $790,000
$800,000 $760,000 $700,000 $692,705 $671,250
$600,000
$400,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Cooperative Condominium Average Price Per Room Average Price Per Square Foot
$250,000 $1,2 50 $1,012
$200,000 $1,000 $946 $179,877 $148,716 $150,000 $750
$100,000 $500
$50,000 $250 1st Q 20 1st Q 21 1st Q 20 1st Q 21
* Includes new development and resale apartments. 1Q21 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released. BHS 4 Q1 2021 1-3 Family Houses
Prices for 1-3 family houses
averaged $1,289,768 in the
first quarter, 7% more than one year ago.
The median price posted a
slightly larger increase, rising All Brooklyn
BHSID 20161056 9% to $1,052,500. BHS 5 Q1 2021 All Brooklyn 1-3 Family Houses
BHSID 20600282
Average & Median Sales Price
$2,000,000
$1,500,000 $1,289,768 $1,217,040 $1,200,858 $1,187,989 $1,138,272 $1,052,500 $970,000 $965,000 $966,169 $1,000,000 $940,000
$500,000
$0 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Average Price Per Square Foot
$700
$600 $584 $568 $556 $539 $529
$500
$400
$300 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
BHS 6 Q1 2021 Brooklyn Market Areas
Brownstone Boerum Hill Brooklyn Heights Carroll Gardens Clinton Hill Npages 12-15 Cobble Hill Columbia Street Waterfront District Ditmas Park Downtown Brooklyn Dumbo Fort Greene Gowanus Greenwood Heights Park Slope Bpagespage 8-11 6 Prospect Heights Prospect Park South Prospect-Lefferts Gardens Red Hook South Slope Vinegar Hill Cpagespage 16-19 10 Windsor Terrace
Central Bedford-Stuyvesant Brownsville Bushwick Crown Heights
East New York Stuyvesant Heights
North East Williamsburg pagesSpage 20-23 12 Greenpoint Williamsburg North Side Williamsburg South Side
South Bath Beach Borough Park Dyker Heights Gerritsen Beach Marine Park Sheepshead Bay Bay Ridge Brighton Beach East Flatbush Gravesend Midwood Sunset Park Bensonhurst Canarsie Flatbush Kensington Mill Basin Bergen Beach Coney Island Flatlands Manhattan Beach Sea Gate
BHS 7 Q1 2021 Cooperatives & Condominiums
A strong co-op market helped the average apartment price rise 9% over the past year Brooklyn Brownstone
BHSID 20754355 to $1,244,930. BHS 8 Q1 2021 Brownstone Brooklyn Cooperatives & Condominiums
BHSID 20710797
Cooperatives & Condominiums Average & Median Sales Price
$1,600,000
$1,400,000 $1,244,930 $1,174,613 $1,139,506 $1,144,366
$1,200,000 $1,120,302 $995,000 $999,000 $934,220
$1,000,000 $924,500 $850,000 $800,000
$600,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Cooperative Condominium Average Price Per Room Average Price Per Square Foot
$1,5 00 $300,000
$1,2 50 $1,244 $242,178 $250,000 $1,159 $214,500
$200,000 $1,000
$150,000 $750
$100,000 $500 1st Q 20 1st Q 21 1st Q 20 1st Q 21
BHS 9 Q1 2021 1-3 Family Houses
While the average price
dipped 2% from a year ago,
the median price rose Brooklyn Brownstone
BHSID 20681340 4% to $2,315,000. BHS 10 Q1 2021 Brownstone Brooklyn 1-3 Family Houses
BHSID 20700831
Average & Median Sales Price
$3,500,000
$3,000,000 $2,585,279 $2,572,288 $2,533,934 $2,500,000 $2,475,945 $2,315,000 $2,225,000 $2,177,466 $2,125,000 $2,053,500 $2,000,000 $2,000,000
$1,500,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Average Price Per Square Foot
$1,2 00
$1,000 $939 $931 $916 $906 $887
$800
$600
$400 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
BHS 11 Q1 2021 Cooperatives & Condominiums North Brooklyn North The average apartment price
of $1,105,467 was 4% less
BHSID 20723896 than 2020’s first quarter. BHS 12 Q1 2021 North Brooklyn Cooperatives & Condominiums
BHSID 20386281
Cooperatives & Condominiums Average & Median Sales Price
$1,500,000
$1,250,000 $1,148,200 $1,150,645 $1,126,811 $1,105,467 $1,078,840 $990,000 $990,000 $984,622 $985,000
$1,000,000 $948,500
$750,000
$500,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Condominium Average Price Per Square Foot
$1,5 00
$1,2 50 $1,104 $1,080
$1,000
$750
$500 1st Q 20 1st Q 21
BHS 13 Q1 2021 1-3 Family Houses North Brooklyn North The median price fell
1% over the past year to
BHSID 20739811 $1,850,000. BHS 14 Q1 2021 North Brooklyn 1-3 Family Houses
BHSID 20739811
Average & Median Sales Price
$3,000,000
$2,500,000 $2,116,979 $1,965,000 $1,959,015 $1,924,125
$2,000,000 $1,867,500 $1,850,000 $1,800,000 $1,760,000 $1,750,984 $1,625,000
$1,500,000
$1,000,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Average Price Per Square Foot
$1,000
$900 $844 $831 $806 $800 $703 $700 $659
$600
$500 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
BHS 15 Q1 2021 Cooperatives & Condominiums
Apartment prices averaged Central Brooklyn Central $756,749 in the first quarter,
BHSID 19771180 4% more than a year ago. BHS 16 Q1 2021 Central Brooklyn Cooperatives & Condominiums
BHSID 20741218
Cooperatives & Condominiums Average & Median Sales Price
$1,000,000 $801,022 $782,500 $756,749 $752,406
$800,000 $745,000 $726,236 $705,300 $693,446 $683,500 $635,000 $600,000
$400,000
$200,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Condominium Average Price Per Square Foot $900 $849
$800 $789
$700
$600
$500 1st Q 20 1st Q 21
BHS 17 Q1 2021 1-3 Family Houses
The average price per square
foot for 1-3 family houses was Central Brooklyn Central 10% higher than the first
BHSID 20712506 quarter of 2020. BHS 18 Q1 2021 Central Brooklyn 1-3 Family Houses
BHSID 20350906
Average & Median Sales Price
$1,400,000
$1,200,000 $1,095,823 $1,052,553 $1,039,765 $1,003,537 $996,500
$1,000,000 $955,738 $915,000 $871,500 $870,000 $845,000
$800,000
$600,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Average Price Per Square Foot
$550 $471 $460 $459 $450 $430 $424
$350
$250 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
BHS 19 Q1 2021 Cooperatives & Condominiums
Co-ops led pricing gains South Brooklyn over the past year, with their average price per room up
BHSID 20760493 10%. BHS 20 Q1 2021 South Brooklyn Cooperatives & Condominiums
BHSID 20760493
Cooperatives & Condominiums Average & Median Sales Price
$600,000 $500,600
$500,000 $482,902 $464,872 $462,296 $454,754 $448,025 $440,000 $428,000 $407,500 $400,095 $400,000
$300,000
$200,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Cooperative Condominium Average Price Per Room Average Price Per Square Foot
$130,000 $700 $613 $601 $110,000 $104,448 $600 $95,307
$90,000 $500
$70,000 $400
$50,000 $300 1st Q 20 1st Q 21 1st Q 20 1st Q 21
BHS 21 Q1 2021 1-3 Family Houses
Both the median and average South Brooklyn sales prices were 4% higher than 2020’s comparable
BHSID 20504605 period. BHS 22 Q1 2021 South Brooklyn 1-3 Family Houses
BHSID 20719785
Average & Median Sales Price
$1,400,000
$1,200,000 $1,076,125 $1,034,808 $1,019,177 $1,001,382 $996,980
$1,000,000 $950,000 $910,000 $900,000 $890,000 $880,000
$800,000
$600,000 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
Average Price Median Price
Average Price Per Square Foot
$600
$550 $531 $529 $527 $515 $502 $500
$450
$400 1st Q 20 2nd Q 20 3rd Q 20 4th Q 20 1st Q 21
BHS 23 First Quarter 2021 Residential Market Report
Brooklyn Heights Bedford Stuyvesant 129 Montague Street 1191 Bedford Avenue Brooklyn, NY 11201 Brooklyn, NY 11216 718.875.1289 718.878.1750
Park Slope Cobble Hill 100 Seventh Avenue 166 Court Street Brooklyn, NY 11215 Brooklyn, NY 11201 718.230.5500 718.613.2020
Park Slope, Seventh Avenue South Slope 160 7th Avenue 1214 8th Avenue Brooklyn, NY 11215 Brooklyn, NY 11215 718.878.1960 718.878.1888
Brooklyn Heights, Montague Bay Ridge 122 Montague Street 8324 4th Avenue Brooklyn, NY 11201 Brooklyn, NY 11209 718.613.2000 718.878.1880 Contact Us Contact
©2021 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed without Brown Harris Stevens’ consent. While information is believed true, no guaranty is made of accuracy.
212.906.9200