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Manhattan vs. Brooklyn – The Prices – Q4 2013

Curious as to how the numbers stack up in Manhattan and Brooklyn? Here’s an infographic to give you a basic overview, based on Corcoran’s most recent quarterly reports for both boroughs. (Click here to view the full Manhattan Report and click here to view the full Brooklyn Report.)

Q4 2013 Manhattan InfographicBrooklyn Q4 2013 Infographic FOR BLOG

At first glance, Brooklyn appears to be substantially cheaper than Manhattan with a median sales price of $442,000 for Brooklyn versus $855,000 for Manhattan. But when you take a closer look at the entire Corcoran Report, you’ll see that some parts of Brooklyn run a bit closer to Manhattan.

For example, here are the median sales prices co-ops and condos for several very popular neighborhoods in Brooklyn:

Neighborhood

Co-op*

Condo

Williamsburg/Greenpoint

$378,000

$849,000

Brooklyn Heights/Cobble Hill/Dumbo/Downtown

$475,000

$835,000

Park Slope/Gowanus

$719,000

$793,000

Fort Greene/Clinton Hill/Prospect Heights

$470,000

$689,000

Carroll Gardens/Boerum Hill/Red Hook

$707,000

$785,000

*One thing to note – the co-op numbers for some neighborhoods noted above are quite low relative to previous quarters due to fewer sales above $1 million and more sales under $500,000 during the Fourth Quarter of 2013.

Overall, the relative affordability has led to the Brooklyn market being intensely competitive, with bidding wars occurring frequently and prime properties (re: 2+ bedroom condos) frequently selling for above the asking price. So if you’re aiming for Brooklyn, you’d better be on top of your game when it comes to buyer preparation (missed my previous article on that? You can catch it here).

Do you have more questions about the market? Feel free to contact me. I’m always happy to help!

Nikki R. Thomas
Licensed Associate Real Estate Broker
The Corcoran Group – Village Office
212-937-1647
nikki.thomas@corcoran.com

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We are committed to upholding the principles of all applicable fair housing laws. For more detailed information regarding fair housing, please visit https://www.dos.ny.gov/press/2020/docs/FairHousingNotice_new.pdf

Nikki R. Thomas, Licensed Associate Real Estate Broker, The Corcoran Group 888 Seventh Avenue, New York, NY 10106 | 212-937-1647

This website is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any property or services offered for sale on this website shall not be considered an offer to sell such goods or services in any state other New York

 

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