Bronx, Brooklyn sees upward trend in housing market for 2021
2021 was a big year for real estate across the city, but local experts are helping us take a deep dive into just how the markets are looking in the Bronx and Brooklyn.
The housing market in the Bronx and Brooklyn is booming right now according to local real estate experts.
Aroza Sanjana is an associate real estate broker in Brooklyn who says that's been the trend for much of the year.
"It's hot! It may be cold outside but it's hot in the real estate market," says Sanjana.
Sanjana says while she's seeing a 15% decrease in co-ops, she is seeing an 8% increase in condos, and an 11% increase in town homes.
Over in the Bronx, Sandhyya Tidke of Brown Harris Stevens Residential Sales says home-buying rose 95% from spring to the fall, and she's only projecting those numbers to go higher.
Experts are contributing the current market climate to the pandemic.
"We really saw the optimism in people - not only in beating down COVID hard, we had the vaccine coming out. We had a new administration. All those were positives for the neighborhood, and I saw young people, the millennials, really take all the money they'd been saving and put it down on a home and buy into the American dream," says Sanjana.
Experts say if you're looking to buy a home, it's best to make the purchase in the winter before interest rates go up in the spring.