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Manhattan and Brooklyn May Experience Slower Growth on Resales This Year

Brooklyn in particular is expected to have a resale growth rate of just 0.9 percent

A set of brownstones in Bed-Stuy, Brooklyn.
Photo by Newyork 10r via Wikipedia.

Market reports in early March suggested that the rapid ascent in rents across the city was slowing down a little. That was followed by news that the luxury sales market might be slowing down too. And now it's being predicated that the median resale price growth for homes in Manhattan, and particularly Brooklyn are likely to experience a slowdown this year, DNAinfo reports, based on predictions released by StreetEasy.

In Manhattan, the median resale price is expected to increase by 3.2 percent this year. In comparison, median resale price in the borough grew 4.4 percent over the last 12 months to $982,437.

In Brooklyn, median resale price is expected to increase by just 0.9 percent. That's considerably low from the past 12 months when it increased by 6.9 percent to $539,300. Neighborhoods set to experience this slowdown the most include Park Slope, Prospect Heights, and Kensington.

In East Brooklyn however - which includes neighborhoods like East New York, Brownsville and parts of Crown Heights and Bed-Stuy, median resale price grew by 20.5 percent in the past twelve months, though it's not yet clear how this particular area of the borough will fare in the next 12 months in the face of the overall slowdown.