(BROOKLYN, NEW YORK)— A recent report from Brooklyn MLS shows that single-family and multi-family home prices have been increasing at a moderate but steady rate, after a brief dip in 2018.
From 2017 to 2018, the median sales price for a single-family home declined by 14.63%, from $1.23 million to $1.05 million. The median sales price has since risen 21.9%, to $1.28 million, in 2019.
Median multi-family home prices have not made quite the same recovery but have fluctuated more moderately overall. The median sales price for multi-family homes declined by 5.84% from 1.37 million to 1.29 million in 2019. In 2019, the median price rose again by 3.1% to $1.33 million.
Rich Schulhoff, CEO of Brooklyn MLS, tells BrokerPulse that isn’t surprised that home prices in Bay Ridge have risen as more and more buyers recognize the diversity and convenience of Bay Ridge. “The landscape that Bay Ridge offers is also diverse in and of itself, so it naturally appeals to a wide audience,” Schulhoff says. “There are also great options for transportation and is conveniently located in walking distance to the subway.”
Despite the healthy median sales prices, Bay Ridge is still seeing more homes lingering on the market for longer—much like Manhattan’s current market. The report shows that median days on market have increased from 57 days in 2017 to 80 days in 2019. The trend doesn’t worry Bay Ridge Real estate experts, who see it in line with the overall pattern in the rest of the country right now. “Consumers are waiting for the right price, creating a longer negotiation period which leaves a home on the market for longer than usual,” Schulhoff says. “Consumers now have more homes to choose from which creates less of a supply vs. demand scenario.”