As 2013 officially comes to a close and 2014 officially kicks off, reports have indicated that Brooklyn real estate prices have continued to take off along with the new year. The popular New York City neighborhood has continued to show signs of growth and strength at the end of 2013 when it comes to both sales and property rentals. What many are surprised to find out is just how much the cost of the average home in the area costs. According to these new reports, the average price of a home in Brooklyn is now around $570,110, as of the fourth quarter. This is an 11 year high for the area according to the reports, as the cost is up 11.2%. Sales have also surged in the area and are up 21.2% to 1,752. While the sales numbers are undoubtedly impressive, the amount for rent has also risen in the Brooklyn area. According to reports, the average rent in North and Northwest Brooklyn was up around 1 % in the month of December alone, bringing up the average monthly rent to $2,660.

With this data in place, professionals in New York City are calling Brooklyn one of the strongest housing markets in the entire city in terms of both sales and rentals. While numbers continue to rise, the amount of properties and the supply available in Brooklyn continues to be a problem for many renters and buyers. The inventory in the area has dropped nearly 28% in the fourth quarter alone, according to reports. What this has done is created several bidding wars not only for purchase properties but for rentals as well, as many are looking to do whatever it takes to get their dream Brooklyn apartment.

Not only has Brooklyn become a hot neighborhood in New York City, but it has also emerged as one of the best rental markets in the entire country, according to many professionals in the area. The demand within Brooklyn includes a high demand in areas such as Brooklyn Heights, Sunset Park and Park Slope. While Manhattan has always been known as one of the most expensive areas in the city, currently, Brooklyn is about to surpass Manhattan as one of the most sought after and expensive neighborhoods in the city. After Manhattan’s median rent just fell 1.6%, Brooklyn and Manhattan are just a few hundred dollars apart in terms of median rent. If this pattern continues, New York City residents can expect Brooklyn to quickly grow into the most sought after neighborhood in the Big Apple.

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