Fort Greene led Brooklyn’s home price bloom in Q1

Brooklyn neighborhoods are pulling in bigger bucks for home sales. 

Fourteen neighborhoods in the borough notched median prices exceeding $1 million, according to Property Shark’s report on the 50 most expensive neighborhoods in the city. Dumbo, Boerum Hill and Cobble Hill ranked among the city’s 10 most expensive neighborhoods. 

But the city’s biggest growth spurt last quarter was seen in Fort Greene, where the median sale price rose 86 percent year-over-year.

The neighborhood ranked as the 23rd priciest neighborhood across the five boroughs, with a median sale price of $1.2 million, up from $628,000 in the same period last year. The neighborhood logged 14 transactions in the period, up from 10 in 2023.

More condo sales and larger apartments contributed to Fort Greene’s price growth according to the platform’s analysis of sales closed in the first three months of 2023 and 2024. 

Condos accounted for two-thirds of home sales in Fort Greene last quarter, compared to the same period in 2023. The average price per square foot of the condos sold also increased last quarter, up from 909 square feet to 1,037 square feet. 

Of all the city’s neighborhoods, Fort Greene added the most apartments in 2022 with a net gain of 1,061 units. And more housing is headed for the neighborhood with Charney Companies’ 38-story project on the horizon, though it’s unclear whether the 158 units will be condos or rentals. 

A renovated brownstone at 6 South Oxford Street holds the record for the priciest sale in Fort Greene. The 5,300-square-foot passive house sold for $7.9 million — $900,000 more than its last asking price — in 2022. The home surpassed  the previous record holder, 198 Washington Park, by nearly $1,000,000.  

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The other Brooklyn nabes on the city-wide list include Gowanus, which came in at No. 11 with a median sale price of $1.55 million. Carroll Gardens finished with the fourth-highest price increase, up 63 percent from $1.7 million reported last year for a median sale price of $2.79 million. 

Townhouses in the neighborhood snagged a number of pricey deals last quarter, including a five-bedroom pad at 94 Third Place. The 3,600-square-foot home — once a four-unit multifamily building — sold for $7.5 million in March. Earlier this month, a townhouse at 336 Degraw Street entered contract with an asking price of $12 million.