Influx Of Manhattanites Revives Brooklyn Housing Market: Report

BROOKLYN, NY — The Brooklyn housing market is on its way back from the pandemic slump thanks to Manhattanites flocking to the outer boroughs, according to a new report from the Wall Street Journal.

“The urban-to-suburban narrative is actually a Manhattan-to-suburban narrative, or a Manhattan-to-other-borough narrative,” Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc., told the Journal.

Miller's analysis is based on new activity in the Brooklyn market since the end of lockdown in June.

According to Douglas Elliman, newly signed contracts exceeded year-ago levels for three straight months through September in the borough, including a 21 percent jump in September.

Pending sales were down 11 percent from last year in 2020's third quarter, but they surged 157 percent from the quarter before, when the market was largely shut down due to the pandemic, according to brokerage Corcoran Group.

The Journal predicted that the activity could decline again in the fall given coronavirus hotspots that have faced localized lockdowns this month. But, the decline likely won't be borough-wide.

The outlet spoke with three families who recently decided to buy apartments in the borough, especially given a high supply of homes on the market and dipping prices.

Brooklyn for-sale listings hit an eight-year high in the third quarter, up 11% from a year earlier, according to Corcoran. When the market reopened this summer, Brooklyn apartments that would previously be listed above $1 million were listed at $800,000 or $900,000, according to one family.

Read the full WSJ report here.

This article originally appeared on the Prospect Heights-Crown Heights Patch