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.
