Brooklyn, NY– Since the real estate market rebounded in 2012, Brooklyn home prices have seen explosive year over year growth that had some forecasters warning of a bubble in the making. Yet the latest 2017 market data tells a surprisingly different story – that we are in the midst of a major borough expansion that may never slow again.
In fact, Brooklyn has broken its own pricing records for the third time in the past four quarters, not to mention each of the past 5 years. Since 2012, average home sales prices have nearly doubled from $575,000 to $1M. According to a recent article in Curbed “Brooklyn’s average apartment price is close to hitting $1M, Brooklyn is now the fastest paced market on record, with the number of sales jumping 50.7 percent and the listing inventory falling 15.5.
And the record-breaking pattern doesn’t stop there. In fact, neighboring boroughs are setting similar records themselves. And Brooklyn still has plenty of room to grow. This year, the big stories have been the building bonanza of 15 new towers in Pacific Park, the Barclay Arena neighborhood seen as the hipper, cooler answer to Manhattan’s Madison Square Garden, and the continued rise of trendy towers in Northwest Brooklyn. It won’t be long before points South and East join the fray.
Perhaps most telling of all, is that supply has still not caught up with demand. This means that while competition is fierce, the payoff is fiercer. The time to invest in Brooklyn is now.