TRD Pro: Brooklyn’s top neighborhoods by average sale price
Cobble Hill took the top spot in Q2, but Brooklyn Heights saw the most dramatic increase
The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need.
Brooklyn’s housing market has remained consistently strong for more than a year, with at least 2,000 condos or co-ops sold in the borough for five consecutive quarters — something that had never been achieved prior to the pandemic, according to a Corcoran report.
Heightened demand and increased urgency from buyers in the face of rising interest rates and inflation have eaten away at supply, driving up prices even further. Both the median and average sale prices exceeded $1,000 a square foot in the second quarter, the highest levels on record.
To better understand where prices have climbed the highest, The Real Deal ranked the 10 most expensive Brooklyn neighborhoods by average sale price for residential properties, including condominiums, co-ops and townhouses, on transactions that hit city records in the second quarter. Only neighborhoods with 10 or more recorded sales were considered.
The priciest neighborhood in the second quarter was Cobble Hill, where buyers spent an average of $3.46 million across 14 deals. Offering both historic brownstones and new developments, the average sale price in Cobble Hill jumped 27 percent compared to the same period last year even as the number of recorded deals dropped by a third. The priciest home sold in the second quarter, a townhouse at 169 Congress Street, went for $10.8 million in June.
Second on the list was Carroll Gardens, which saw an even larger jump than Cobble Hill. The borough’s 16 deals had an average sale price of $2.91 million, a 31 percent increase from last year. The top sale in the neighborhood was at 32 1st Place, a 6,000-square-foot brownstone that went for $6.8 million in March.
When TRD conducted a similar study two years ago, the Carroll Gardens — including Red Hook and the Columbia Street Waterfront District — ranked as Brooklyn’s most expensive neighborhood, with sales averaging $1,114 per square foot.
Boerum Hill came in third this year, with 10 homes selling for an average $2.62 million in the second quarter. The priciest was a modern townhouse at 75 Bond Street that sold for $5.5 million in April.
In fourth place, Brooklyn Heights’ average sale price was $2.28 million across 54 deals in the second quarter, the most of any neighborhood in the top 10 other than Park Slope. Brooklyn Heights saw the highest year-over-year jump in average sale price, a remarkable 70 percent increase, while the number of deals recorded fell by 36 percent.
The most expensive home sold in the neighborhood, a 19th-century, eco-friendly townhouse at 37 Sidney Place that went for $15.1 million, was also the priciest in any of the 10 areas on the list.
Rounding out the top five was Greenpoint, with 19 deals averaging $2.09 million. The priciest deal was for a townhouse at 112 Oak Street that sold for $3.8 million.
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