The Brooklyn townhouse market is more diverse, more sprawling and more active than in Manhattan. In fact, more than six times as many townhouses sell in Brooklyn annually than are sold in any other borough. In 2017, the market backed off a bit from the robust activity seen in 2016 because of rising prices throughout the entire borough, however, it is still a healthy and growing market.
Overall prices were higher in 2017. Last year, buyers paid an average price of $1.853M for a townhouse in Brooklyn ($696 average per square foot), 11% more than in 2016. Median townhouse price increased 9% year-over-year, driven by an increase in townhouse sales over $2M in addition to prices continuing to appreciate rapidly in western parts of Brooklyn.
Single-family townhouse sales increased and expanded into more neighborhoods. Single-family townhouse sales increased 8% over 2016 as buyers were enticed by newly renovated properties. Those sales also expanded throughout western parts of Brooklyn, particularly in Red Hook, Park Slope and Boerum Hill. Conversely, multi-family sales declined 7% year-over-year which drove the overall townhouse market down in 2017. At 57% market share of sales, the majority of these sales were in Bedford-Stuyvesant, Crown Heights and Bushwick, and neighborhoods where sales improved included Park Slope, Greenpoint and Brooklyn Heights.
Corcoran recently released the 2017 Brooklyn Townhouse Report which includes a detailed analysis of single-family and multi-family townhouse sales that closed in Brooklyn last year – a great read if you are interested in this market.