First Quarter 2021 Residential Market Report

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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 Carroll Gardens Clinton Hill Npages 12-15 Cobble Hill Columbia Street Waterfront District Ditmas Park Dumbo Fort Greene Gowanus Greenwood Heights Bpagespage 8-11 6 Prospect Heights 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 East Flatbush Gravesend Midwood Sunset Park Bensonhurst Canarsie Flatbush Kensington Mill Basin Bergen Beach Flatlands 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 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

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