It’s a good time own Real Estate in Brooklyn.
The latest Zillow report predicts Brooklyn will be the hottest borough when it comes to real estate.
Since the pandemic began, more New Yorkers have bought homes in Brooklyn in history. In the most recent period, Brooklyn reached an all-time high of 824 pending sales in October 2020. Brooklyn also showed an increase in buyers.
Brooklyn real estate also appeared in a much better place than Queens and Manhattan, which reported record levels of inventory. Other findings from the report:
- New York City home values rose 2.2 percent over the past year. Zillow predicts the rate of appreciation will 9.1 percent over the next 12 months.
- New York-Newark-Jersey City Metro Metro home values have gone up 6% over the past year and the latest forecast is that they will rise 7.2% over the next 12 months.
- In December 2020, the median list price of homes in New York City was $835 thousand, which is up 22.8 percent year-over-year.
- The median sale price for homes was $690 thousand.
- Homes sold on average 2.57 percent below the asking price in December 2020.
So what does this mean for the market? If you’re looking to sell your place, you’re in luck. But if you’re a potential renter looking in from outside, the situation turns a little different.
Rental Market Trends in New York City
A different StreetEasy report found rents across New York City fell farther in 2020 than during the Great Recession. During the 2008 financial crisis, rents fell roughly 5 percent compared to 6.3 percent during the pandemic.
The biggest declines were in the more popular and expensive neighborhoods of Brooklyn Heights and Dumbo.
The median asking rent is now $2400 as of November 2020, according to StreetEasy. That is the lowest rent in eight years.