If you're looking to invest in New York, it may be time to look into real estate in Brooklyn. A Jan. 11 report discusses the important increase in the median sales price of homes in Brooklyn. The median sales price rose to $770,000, 2.7 percent higher than in 2016. Brooklyn's real estate market has continued to improve even though the surrounding area in Manhattan faltered.
Will the real estate in Brooklyn continue to increase in value? Many believe it will thanks to a limited number of homes and properties available. In the last quarter of 2017, there were only 1,711 homes for sale, which is 23 percent lower than in 2106. With a declining inventory, sellers can ask for more money and get it as fewer homes are available for purchase.
Some areas of Brooklyn, namely Crown Heights, Bedford-Stuyvesant and East New York, saw a major increase in value. The median price of properties in those areas rose to around $722,500, which was a 9 percent increase from 2016.
If you're looking to sell in Brooklyn, now's the time to look into it. With so few properties on the market, you have a better opportunity to list your property for what you want, not necessarily what it's worth. Buyers are snapping up properties quickly because so few are available, which makes this a perfect market for making money. If you're ready to sell, remember to speak with an attorney to be certain your legal documents are in order and that any contract you sign is prepared to protect you after the sale.
Source: The New York Times, "Brooklyn Real Estate Prices Climb Higher," Stefanos Chen, Jan. 11, 2018