Believe it or not, the price of owning a home in Brooklyn actually declined year-over-year, albeit just a bit, according to Halstead Real Estate’s Third Quarter 2019 Brooklyn Residential Market report.
“Apartments and one to three posted larger declines from 2Q19, in part due to July 1st transfer taxes on high-end transactions,” the report said. “The rush to close before these taxes took effect inflated some second quarter data, while stealing closings from the third quarter.”
The average Brooklyn co-op and condo price of $843,685 was just below the rates in the third quarter of 2018, Halstead reported, while the price of one- to three-family homes averaged $1,120,206, a 3% drop compared with a year earlier. The average price per square foot dipped 1% to $528.
