Brooklyn home prices drop 8% in Q2

A weekly feature bringing you the industry's latest intel

TRD New York /
Oct.October 04, 2018 05:45 PM

Brooklyn homes (Credit: iStock)

According to this week’s market reports, Brooklyn home prices dropped eight percent and Manhattan investment volume rose 5 percent to $8.7 billion.


Rentals | MNS

The average rent in Manhattan stayed flat in September, dropping by 0.8 percent month-to-month to $4,006. For the period, the biggest bargains were doorman studios in Harlem (down 10 percent) doorman two-bedroom units in the Lower East Side (down 9.8 percent), non-doorman two-bedrooms in Greenwich Village (down 9.6 percent ). Doorman studios in Tribeca registered the highest price hike at 12.6 percent. Read the report here.

Sales | Corcoran

In the second quarter, the median price for Brooklyn homes dropped eight percent year-on year to $687,000. The decline was attributed to unusually high prices last year. The price drop coincided with an increase in closed sales. During the quarter, the borough registered 1,620 transactions, up 5 percent year-on-year. Resale co-op units accounted for most of the deals in the borough with 624 transactions. Read the report here.


Fall 2018 North America and Europe CRE Investment Review | Avison Young

Manhattan registered $8.7 billion in investment volume for the first half of the year, up 5 percent from the same period last year. The city’s office sales market ranked first in the country with a total volume of $6.7 billion. However, the growth was more pronounced in the retail and multifamily segments. During the period, the sectors registered sales volume growth of 50 percent and 19 percent, respectively.

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest