Hit hard by the pandemic, New York City’s real estate market is proving its resilience once again according to a new report by Property Shark. 8,343 residential sales closed in Q2 2021 across the city, marking an 88% year-over-year (Y-o-Y) increase compared to the lockdown-depressed figures of Q2 2020. Brooklyn also had the sharpest year-over-year increase among the four boroughs: Its $828,000 median sale price was up 18% Y-o-Y and 15% higher than Q2 2019 figures.
Coming in at #9, DUMBO was the only neighborhood outside of Manhattan to make it onto the list of the city’s 10 priciest in Q2 2021.As a result, DUMBO was Brooklyn’s most expensive neighborhood yet again, despite a 28% Y-o-Y price drop that took the neighborhood’s median sale price from north of $2 million last year to just $1.49 million in Q2 2021. That drop was partially fueled by 8 of its 28 sales closing at 98 Front St. at a noticeably lower price point than the neighborhood median.
Brooklyn’s #2 most expensive neighborhood was Cobble Hill with a $1,385,000 median sales price. Its median contracted, as well — decreasing 5% Y-o-Y — which brought the neighborhood down from the city’s eighth-priciest last year to just missing out on the top 10 this year.
Downtown Brooklyn, on the other hand, became the borough’s #3 most expensive, following a 79% Y-o-Y increase. That surge brought the neighborhood’s median from Q2 2020’s $765,000 to its current $1,368,000, lifting it 31 spots among the city’s most expensive neighborhoods to become #13 in NYC. But, more important, Downtown Brooklyn’s 79% jump also marked the sharpest price increase among the city’s top neighborhoods.
Next up was Carroll Gardens, Brooklyn’s #4 most expensive borough with a $1,335,000 median following a 35% Y-o-Y drop. As a result, Carroll Gardens marked the sharpest price decrease among the city’s 50 most expensive neighborhoods.
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