The Brooklyn apartment market was red hot in 2021. “It reached new records for both sales and prices,” said Gregory Heym, Brown Harris Steven’s chief economist. “And demand for townhouses was also very strong, as those prices also hit a new high.”
For 2022, while competition for neighborhoods throughout Brooklyn expects to reach record highs, some factors remain unpredictable.
Here is an overview of the market’s outlook for 2022, with insights from top Brown Harris Stevens agents and brokers specializing in Brooklyn real estate.
Ban Leow, BHS real estate agent:
Current market forecast, simply put, is unpredictable, and also very segmented in different neighborhoods. While Park Slope, Downtown Brooklyn, Cobble Hill and Carroll Gardens are experiencing a robust buying spree, other neighborhoods are experiencing stagnant inventories with tons of window shoppers. We’ve been on a Covid-19 pricing roller coaster since 2020, and with a new variant detected, the “yo-yo” pricing goes into effect. Sellers demand high listing prices and the buyers are still in the “pandemic” low-ball mode. I believe the market will gain strength again in mid-2022 if the Omicron variant is somewhat contained.
Steven Segretta, BHS real estate agent:
I see active buying interest across all sectors of the Brooklyn market driven by first-time homebuyers and those migrating into Brooklyn from other areas. Given the strength of the market last year and the acceleration this year, I expect demand to outpace supply in 2022 with continued upward pressure on prices. Macro factors like the economy, inflation, rates and the pandemic may obviously change the dynamic, but without dramatic shocks to the system, I think we see continued momentum in the Brooklyn real estate market. more “Real Estate Insiders Assess the 2022 Brooklyn Market”