Welcome to The Randy Baruh Team's Local Townhome Report for Q2 2023. At the end of each quarter, we share the most recent sales and market updates in Brooklyn Heights, Boerum Hill, Carroll Gardens and Cobble Hill.
In the third quarter of 2023, the townhouse market in Brooklyn, encompassing neighborhoods like Brooklyn Heights, Boerum Hill, Cobble Hill, and Carroll Gardens, demonstrated resilience and growth in the face of challenging market conditions. Despite the impact of elevated mortgage rates and a notably constrained inventory, sales have been gradually recovering to pre-Covid levels.
The average price per square foot remained relatively stable, emphasizing the sustained desirability of these neighborhoods. While there was a slight dip in sales volume, the reduction in the number of transactions was not considered a significant concern. After two years of a robust townhouse market in Brooklyn, the days on market for townhomes in the specified neighborhoods increased, with homes staying on the market for an average of around four months during Q3. Carroll Gardens distinguished itself as the neighborhood with the highest number of transactions, maintaining its position as the sales leader throughout the year.
These neighborhoods continue to attract buyers in search of Brooklyn's historic charm and the spacious living provided by townhomes, reflecting a post-pandemic desire for increased living space. The observed resilience and growth in the market, combined with a positive surge in new listings, point toward a steady and promising future for the townhome market in these Brooklyn neighborhoods.
- Closed Sales: 29 (-19% YoY)
- Average Price Per Square Foot: $1,355 (-7% YoY)
- Average Days on Market: 122 (+107% YoY)
- Average Sale Price: $3.89M (-22% YoY)
to read the full report click here