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.)
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:
Brooklyn Heights/Cobble Hill/Dumbo/Downtown
Fort Greene/Clinton Hill/Prospect Heights
Carroll Gardens/Boerum Hill/Red Hook
*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