Brooklyn’s luxury housing market had the fastest price growth of any major metropolitan area in the U.S. last year, increasing over 30 percent, twice as fast as its mainstream market.
Appraisal firm Miller Samuel said a new report that Brooklyn is now a first choice market, no longer behind Manhattan -- “The sweet spot for the market, the price range with the largest percent gain in sales, was the $2 million to $3 million market." Realtor.com says luxury prices in Queens jumped as well, nearly 11 percent in 2017.
Strong price growth in the luxury sector runs counter to an overall trend in the U.S., where overdevelopment has left many of the country’s urban centers with an oversupply of very expensive homes and a dearth of affordable housing. Manhattan saw luxury housing prices grow less than 6 percent in 2017 while prices in the general market grew twice as fast.
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors