Williamsburg, Brooklyn, NY - Townhouse Sales Go Thru Roof

Williamsburg, Brooklyn, NY - The real estate market continued to surge as the average price of townhouses skyrocketed in all but one neighborhood in Brooklyn.

Williamsburg saw the biggest price hikes, but less trendy areas such as Brownsville and East New York also saw huge increases. "The supply in Brooklyn has been very tight for at least three years, and I think this goes a long way in demonstrating the huge demand here," said William Ross, Halstead Property's executive director. "A lot of people found a neighborhood they love and just don't want to leave."

In development-crazy Williamsburg, the average townhouse price jumped from $693,813 last year to a whopping $1.1 million - a 59% increase.

Only Seagate saw a 12% dip in townhouse prices since last year, when homes in the gated community went for $675,653.  
The reason could be because only 10 homes hit the market this year, meaning that a few lower-priced homes would reduce the average considerably, Ross said.