The sales market in East Brooklyn is heating up, according to a real estate report released on Friday.
Listings site StreetEasy found that resale prices in the area — which includes Bedford-Stuyvesant, Brownsville, Bushwick, Crown Heights and East New York — rose 20.5%, from $392,649 in February 2015 to $473,095 in February 2016.
That was three times the rate in Brooklyn as a whole, where the median resale price rose 6.9% from February 2015 to February 2016, from $504,747 to $539,300.
Meanwhile, the sales market in Upper Manhattan continues to thrive, according to the report. The median resale price above 110th Street rose 10.4% from $568,943 in February 2015 to $628,217 in February 2016, StreetEasy found.
In Manhattan as a whole, the median resale price rose 4.4%, from $941,457 in February 2015 to $982,437 in February 2016, which was the slowest year-over year price growth since October 2012.
StreetEasy data scientist Alan Lightfeldt warned that prices in Upper Manhattan and East Brooklyn will keep rising in the spring, and that bidding wars will be prevalent in these popular areas.
“Heading into the spring buying season, prospective buyers should expect to encounter fierce competition for dwindling inventory in East Brooklyn and Upper Manhattan,” he said.
