Four of the six Brooklyn areas analyzed set new single-family or multi-family townhouse sales records.
Townhouses represent one of the most fascinating segments of Brooklyn’s residential real estate market. Corcoran’s Second Half 2021 Brooklyn Townhouse Report surveys sales of single-family and multi-residence townhouses throughout the borough from the second half of the year.
Among the report’s findings:
The Brooklyn townhouse market was incredibly active in Second Half 2021, closing out a historic 2021.
Overall, 2021 saw about 1,500 townhouse sales, the best year in over half-a-decade. More than 700 townhouses traded in the last six months of 2021, a 57% improvement versus a strong Second Half 2020. Four of the six Brooklyn areas analyzed set new single-family or multi-family townhouse sales records.
By the end of 2021, Brooklyn townhouse inventory was 20% lower than a year ago.
Although Brooklyn townhouse inventory has been on the decline for years, extra-strong demand post-Covid has accelerated the slide.
Price statistics in Second Half 2021 grew by double-digits year-over-year to their highest levels in six years.
Average price rose nearly 20% year-over-year to $2.4M and median price hit $2M for the first time. The luxury market was on fire in Second Half 2021, with sales over $4M more than tripling year-over-year to an all-time high.