BROOKLYN — Home sale prices in East Brooklyn’s neighborhoods saw significant growth over the last year compared to slowing price growth throughout the borough overall, according to a recent report from StreetEasy.
Bedford-Stuyvesant, Brownsville, Bushwick, Crown Heights and East New York had a combined median home resale price of $494,564 in January, a 25.3 percent increase since the same time period last year.
Areas like Crown Heights and Bed-Stuy have sales prices that are lower relative to the rest of Brooklyn, according to StreetEasy data scientist Alan Lightfeldt, attracting more prospective buyers “as housing and retail options there have experienced a rapid transformation.”
“As buyers and renters are priced out of the majority of Manhattan and now parts of Brooklyn, they’re looking farther north into Queens and further east into Brooklyn in search of affordability,” Lightfeldt said.
Price growth was slower in other Brooklyn neighborhoods, the report found.
In the Prospect Park area, median resale prices grew by 10.3 percent from last year, followed by North Brooklyn at 7.7 percent.
In the borough overall, the median resale price increased 8.5 percent to $540,186, but the Brooklyn sales market was less competitive than last year with buyers “far more hesitant,” according to Lightfeldt.
Homes that went into contract in January typically spent 18 more days on the market compared to last year.
For East Brooklyn, the median time a home was on the market was 59 days in January 2015 compared to 96 days in 2016.
