The median sales price for Brooklyn brownstone properties reached $1.3 million, a 9.5 percent increase from the previous year, according to the Prudential Douglas Elliman market report compiled by Miller Samuel. In comparison, the median sales price for all co-op, condominium and one- to three-family homes in the borough was $586,000, a 2 percent increase from the previous year.
Brownstone properties only make up 3 percent of the Brooklyn market share, but they are the highest-priced housing stock, Miller Samuel CEO Jonathan Miller told The Real Deal. Brown Harris Stevens’ report for Brooklyn showed a gain of 13 percent in median prices to $890,000 in the brownstone-heavy neighborhoods of Brooklyn Heights, Carroll Gardens and Cobble Hill.
Inventory dropped by 18 percent in the whole borough year-over-year, in contrast to more mild declines in Queens and Manhattan for the same period. The difference is a result of the market peaking earlier in Brooklyn and the recession hitting harder, Miller said to The Real Deal.