Overview
Record level prices in the first two quarters of 2022 prove that Brooklyn Townhomes are still one of the most in-demand products. In fact, the majority of all sales in Brooklyn were single and multi-family Townhouses.
Of the 675 sales, the average price was 2.45M, a 13% increase since last year. A rise in post-pandemic demand for more square footage and private outdoor spaces has led to a significant market shift towards higher-price sales. The average price per square foot has risen to $852/sqft, a 10% increase from last year and the second highest ever, beaten only by the second half of 2021.
Townhouse sales under $2M declined, but sales over $2M increased by 10%, with 70 of those selling for over $4M. Overall, both the median and average prices set new record highs for townhouses. As a result, closed sales declined 12% compared to the First Half of 2021. However, this year’s numbers are still well above the recent historical average.
Key Takeaways:
Closed Sales: 675 (-12% YOY)
Average Price per square foot: $852 (+10% YOY)
Median Price: $2.050M (+14% YOY)
Average Price: $2.451M (+13% YOY)
Closings over $4M: 70
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