The Price Difference Between Brooklyn and Manhattan Continues to Shrink

Oct. 12, 2015 — Ah, Brooklyn. Every quarter, it seems to get more prohibitively expensive. Remember the first quarter results? To refresh your memory, Brooklyn was still not as expensive as Manhattan, but the price difference between the two was starting to shrink. Now, according to Douglas Elliman's third-quarter report, it looks like Brooklyn is narrowing the gap even more. Jonathan Miller, the author of the report, confirmed to Brickunderground that "he doesn't expect Brooklyn sales prices to surpass Manhattan anytime soon, but the gap is, indeed, getting smaller. The difference between median Manhattan and Brooklyn prices during the third quarter of 2008 was $418,000; now it's $321,000." Inventory has declined by 13.6 percent — couple weak inventory with strong sales and you have a recipe that results in rising prices, explains Miller. It's no wonder Brooklyn is still breaking records. So what does it all mean? Well, if you're in the market for a co-op or condo in Brooklyn — and you can afford it — now's the time to move, because prices are only going to continue to climb.

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