Welcome to The Randy Baruh Team's Local Townhome Report for Q4 2023. At the end of each quarter, we share the most recent sales and market updates in Brooklyn neighborhoods.
Overview:
In a promising close to 2023, Manhattan's real estate sector exhibited positive trends across various key metrics. Highlighting the market's resilience, the average price witnessed an impressive 11% uptick compared to Q4 2022, with an average price of $5.08 million.
Due to the shortage in inventory, only 9 contracts were signed, indicating a 67% decrease year over year. However, it's important to highlight the consistently high demand, leading to the average price per square foot experiencing a stark 9% increase during the fourth quarter in 2023. This increased value appreciation is key to understanding the Brooklyn townhome market going into 2024. While inventory levels showed a slight decline both year-over-year and quarter-over-quarter, they remained in line with the typical figures expected in the fourth quarter in Brooklyn's townhome market. Cobble Hill saw the highest average price per neighborhood with an average sale of $6,747,500, with Boerum Hill close behind with an average sales price of $5,322,500. Carroll Gardens followed with an average sale of $4,974,667, while Brooklyn Heights saw an average sale of $4,812,500.
As the curtain falls on 2023, these positive indicators collectively suggest a competitive and exciting real estate market in Brooklyn, laying the foundation for growth in the upcoming year.
Key Takeaways
- Closed Sales: 12 (-60% YoY)
- Average Price Per Square Foot: $1,386 (9% YoY)
- Inventory: 28 (-3% YoY)
- Average Sale Price: $5.08M (11% YoY)
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