Brooklyn Housing Boom: Dude, It's So Over
The number of Brooklyn home sales dropped 42.7 percent annually in the fourth quarter of 2008, according to a new report from Prudential Douglas Elliman and appraisal firm Miller Samuel (and authored by ace Jonathan Miller). At the same time, the median home sales price dropped 7.5 percent to $490,000.
As the graphic indicates, Brooklyn’s more expensive areas – North Brooklyn, and Brownstone Brooklyn – fared better than East and South Brooklyn (“South” being a geographic term here), which have substantially lower average and median sales prices.
Fair warning for sellers and glad tidings for buyers: The drastic reduction in sales volume most likely portends further price reductions going into the spring and summer.
- More:
- Real Estate |
- Brooklyn |
- Housing |
- Miller Samuel Inc. |
- Prudential Douglas Elliman Real Estate |
- The Real Estate



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