Rise in Brooklyn Townhouse Prices In 2005

Williamsburg, Brooklyn, NY – Townhouse sales in Brooklyn surged during the second half of 2005 as a strong economy and low interest rates attracted buyers.

During the second half of 2005, townhouse prices in Greenpoint and Williamsburg rose fastest, with the average reaching $751,095, up 58% from a year earlier, partly because the average size of the homes grew. On a per-square-foot basis, prices were up 21%.

But researches say that the market may change as supply begins to catch up with demand. “The balance has shifted and buyers have more options,” the borough now has more than 200,000 townhouses. “Inventory has loosened and there are more apartments on the market, but the pace is slowing down from a record.
continued below advertisement.