Brooklyn townhouse report:
First Half 2023

Brooklyn Townhouse Report: First Half 2023

OVERVIEW

Following two years of a robust townhouse market in Brooklyn, sales during the first six months of 2023 resumed a slower pace. While annual decline statistics were exaggerated by a strong 2022, higher interest rates and the waning of the post-Covid surge in demand for space and privacy began to take its toll. With 2020 excluded, 461 closings in First Half 2023 was the lowest half-year total in at least seven years.

Both the single-family and multi-family markets saw lower sales figures compared to a year ago. However the 97 single-family sales, while also down by double-digits year-over-year, was higher than nine of the last 14 half-year periods. The multi-family sales figure only exceeded the half-year periods of 2020. Buyers active in neighborhoods east of Flatbush Avenue helped to prop up the single-family closing sales figure as Fort Greene, Clinton Hill and Prospect Heights and Bedford-Stuyvesant, Crown Height, ProspectLefferts Gardens and Bushwick had the smallest annual declines in single-family sales.

The double-digit annual decline in sales by price range was across the board, with sales at the lowest-end under $1M contracting the most and sales at the high-end over $4M declining the least. This trend helped to elevate overall average and median price compared to a year ago, albeit minimally. Average price per square foot dipped 3% annually due to the increased share of sales in Bedford-Stuyvesant, Crown Heights and Bushwick.

In First Half 2023, single-family median price fell 10% annually to $2.300M, the lowest figure since 2020. Single-family average price and average per square foot also declined, by -6% and -5%, respectively as limited inventory at lower price points drove value-seeking buyers into neighborhoods further afield. The share of multi-family sales over $2M expanded by 4% versus a year ago, helping to drive median price up by 3%. While the average price also increased, average per square foot slipped minimally since the average size of a multi-family townhouse purchased was the largest in over seven years.

Note that these statistics reflect selected neighborhoods in the northern and northwestern sections of the borough.

Statistics By Neighborhood | Single Family Townhouses

Statistics By Neighborhood | Multi-Family Townhouses