With the coronavirus pandemic taking a toll on Brooklyn residential real estate demand, resale prices of condo, co-op, and townhouse units in the borough experienced their biggest drop in nearly a decade, according to StreetEasy, a Zillow Group affiliate focused on the New York City market. 

According to a market report released by StreetEasy, the 2.7% year-over-year fall in its Brooklyn price index was the largest drop in the market in nine years. The Brooklyn index, which has seen year-over-year dips for each of the past 12 months, fell again to $686,285 in May, driven largely by falling prices at the top and bottom of the market. According to Thursday’s report, prices of luxury homes, which make up the top 20% of the market, were off by 2.9%, and prices in the bottom 20% of the market dropped 4.5%. 

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Ross Todd

Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected]. On Twitter: @Ross_Todd.

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