Bed-Stuy Home Sales Dropped 50% Over Last Year, Study Finds

BED-STUY, NY — Compared to last year, 2023 is looking like a doozy for Bed-Stuy home sales.

In the first three months of 2023, home sales in Bed-Stuy were down over 50 percent compared to the same period in 2022. Only 71 homes sold early in 2023 compared to 147 a year prior, the study found.

This drop puts Bed-Stuy among some of the worst performing areas in New York City — but many other Brooklyn neighborhoods saw similar drops in sales including Park Slope, Williamsburg, Cobble Hill and DUMBO, according to Property Shark.

There is some good news — the median sale price stayed stagnant in Bed-Stuy around $800,000, while some of its neighbors skyrocketed, according to the study.

The biggest drop in sales across all five boroughs came in Dongan Hills in Staten Island, which saw an 86 percent drop in sales, preceded only slightly by Homecrest with an 82 percent drop.

Prospect Lefferts Gardens took the top spot with a 100 percent increase in sales over the year — 20 houses sold in PLG in the first three months of 2023, compared to 10 in 2022. Over the same period, sales prices increased by just over 50 percent.

Fieldston in the Bronx saw the biggest increase in sales prices, increasing by nearly 150 percent to reach a median sales price of $840,000. In Brooklyn, the biggest jump hit Bay Ridge, where prices increased by 53 percent.

The study looked at 225 NYC neighborhoods that had at least five sales per quarter since January 2022. The vast majority of the neighborhoods considered — 193 — saw drops in sales. Some 22 saw increases

View the full study from Property Shark.