Williamsburg 2023 Report

WILLIAMSBURG 2023
YEAR TO DATE INSIGHTS
TRENDS, SHIFTS & OPPORTUNITIES
January 1st - October 31st, 2023
JAIME AGUILERA
Lic. Associate Real Estate Broker

Williamsburg 2023: The Condominium Landscape
Year to Date Insights and Trends Analysis
Market Metrics YTD 2023 YTD 2022 % Change
Average Sales Price $1,477,063 $1,401,728 5.36%
Number of Sales 350 489 28.39%
Average Days on Market 73 85 14.12%
Average Discount 3% 2% 50%
Average Size / SF 1,052 SF 1,075 SF 2.14%
Market Overview:
From January 1st to October 31st, 2023, the condominium market in Williamsburg has
witnessed significant shifts, underscoring the dynamic and vibrant nature of our beloved
neighborhood. This comprehensive analysis aims to delve into these evolving market
dynamics, painting a picture of a real estate landscape in flux. This period of analysis
reveals a market that is adapting and transforming, with changes in buyer behavior and
market conditions shaping a new narrative in the Williamsburg condominium scene.
Average Sales Price: Resilient Growth Amidst Market Shifts
As we reflect on 2023, the Williamsburg condominium market has displayed remarkable
resilience. The average sales price increased to $1,477,063, a 5.36% rise from the
previous year. This growth, achieved despite a decrease in unit sales, suggests a market
trend toward quality and premium offerings. Buyers are showing a willingness to invest
more in properties that align with their specific needs, such as location and amenities,
indicating a shift towards luxury and high-value living experiences.
Number of Sales: Emerging Selectivity in the Market
Throughout 2023, Williamsburg's condominium market experienced a discernible shift in
buyer behavior, as reflected in the number of sales. The year saw 350 units sold,
marking a significant decrease of 28.39% from the 489 units sold in 2022. This drop in
sales volume is indicative of a more selective market.

Williamsburg 2023: The Condominium Landscape
Year to Date Insights and Trends Analysis
Factors such as evolving buyer preferences, fluctuating interest rates, and changes in
housing needs post-pandemic appear to have contributed to this trend. This change
points towards a market where buyers are more discerning, carefully weighing their
options and priorities in their purchasing decisions.
Days on Market: Indications of a More Dynamic Market
The dynamism in the Williamsburg property market in 2023 has been noteworthy,
especially regarding the speed of property turnovers. The average days on the market
for properties decreased to 73, a reduction of 14.12% from the 85 days in the previous
year. This decrease in days on market signals not only a strong demand but also points
to an increasingly efficient market, where well-priced and strategically positioned
properties are quickly snapped up by eager buyers. This trend reflects a robust real
estate environment where agility and responsiveness to market demands are key.
Average Discount: Navigating Market Shifts with Strategic Pricing
The 2023 Williamsburg condominium market experienced a strategic recalibration in
pricing, as evidenced by adjustments in average discount levels. Shifting from the
previous year's 2%, sellers raised the average discount to 3%. This proactive strategy
was aimed at aligning with the evolving market conditions, focusing on attracting pricesensitive
buyers while ensuring competitiveness in the market. Such a move indicates a
responsive market, adept at balancing demand and value, and is reflective of sellers'
efforts to stay attuned to buyer expectations and market trends.
Average Size (SF): Subtle Shift to Streamlined Spaces
In 2023, the Williamsburg condominium market saw a subtle but telling shift in the
average size of units sold. The average square footage slightly decreased to 1,052 SF, a
modest reduction from 1,075 SF in 2022. This change hints at a gradual trend towards
more streamlined, efficient living spaces. It reflects a nuanced adjustment in buyer
preferences, where the emphasis might be slowly moving towards functionality and
location efficiency over marginally larger unit sizes.

Williamsburg 2023: The Condominium Landscape
Room by Room: Unit Trends Unveiled
Size
Average Sales
Price
Sold Units
(YTD)
Avg. $/PSF % Change
(YTD 2023 vs YTD 2022)
Average Days
on Market
Studio $748,681 34 20.53% 88
1 Bedroom $991,267 127 3.93% 54
2 Bedroom $1,670,444 135 11.32% 69
3 Bedroom $2,492,962 47 0.34% 111
4 Bedroom $3,278,109 7 8.11% 173
Total $1,477,063 350 6.78% 73
Studio Apartments: A Surge in Popularity and Value
Williamsburg's studio apartments have experienced a notable surge in both demand and
value in 2023. The average sales price for these compact living spaces rose to
$748,681, a significant increase of 6.53% from the previous year. This growth in value
was accompanied by a remarkable uptick in sales volume, with 34 studios sold, marking
a 70% increase from the 20 units sold in 2022. However, despite this heightened
interest, the average days on market for studios saw a slight increase, averaging 88
days in 2023 compared to 85 days in the previous year. This pattern suggests a market
that is both enthusiastic and discerning, with buyers carefully evaluating their options in
the compact living space segment.
One Bedroom Units: Adjusting to Market Realities
In Williamsburg's 1-bedroom segment, 2023 unfolded with a mix of contrasting trends.
The average sales price for these popular units experienced a slight decrease, dipping
by 1.40% to $991,267. Concurrently, the sales volume also saw a downturn, with 127
units transacting, marking a significant reduction of 37.44% from the 203 units sold in
the previous year. Despite these adjustments, these units demonstrated a quicker sales
pace, spending an average of just 54 days on the market, a considerable decrease from
83 days in 2022.

Williamsburg 2023: The Condominium Landscape
Room by Room: Unit Trends Unveiled
This pattern indicates a resilient demand for 1-bedroom units, suggesting their
continued appeal in the market, even as price and sales dynamics undergo a correction.
Two Bedroom Units: Preferred Choice with Steady Growth
In 2023, two-bedroom condominiums in Williamsburg distinguished themselves with
steady growth. The average sales price for these units rose by 7.21%, reaching
$1,670,444, highlighting their increasing value in the market. Despite this price growth,
the number of units sold experienced a decline, with sales dropping 37.21% to 135
units, compared to 215 units in the previous year. However, the average days on market
for these units decreased to 69 days, down from 82 days, indicating a robust demand
for this category. This trend suggests that two-bedroom units remain a popular choice,
particularly among families or individuals seeking extra space, maintaining strong market
appeal even amidst shifting economics.
Three Bedroom Units: Stable Demand Amidst Pricing Adjustments
In 2023, the three-bedroom sector in Williamsburg demonstrated stable demand,
despite minor fluctuations in pricing. The average sales price for these units saw a
marginal decrease, down by 1.53% to $2,492,962. However, the market experienced a
slight uptick in sales volume, with 47 units sold, an increase of 6.82% from the 44 units
sold in 2022. Notably, these units exhibited a longer time on the market, averaging 111
days compared to 91 days in the previous year. This indicates a more measured and
deliberate approach from buyers in this segment, suggesting that while there is
consistent demand, buyers are taking more time to make decisions in the threebedroom
market.
Four Bedroom Units: Niche Market with Discerning Demand
The market for four-bedroom units in Williamsburg in 2023 showcased its exclusivity and
limited supply, along with a notable, albeit small, increase in demand. The average sales
price for these spacious and luxurious units modestly increased by 0.25%, reaching
$3,278,109. In terms of sales volume, there was a discernible rise, with the number of

Williamsburg 2023: The Condominium Landscape
Room by Room: Unit Trends Unveiled
units sold going up to 7 from 6 the previous year, marking a 16.67% increase. The
significantly longer average time on the market, which extended to 173 days from 134
days, indicates a niche but steady interest among buyers. This trend points to a specific
segment of the market, where buyers are seeking out large, high-end living spaces and
are willing to take their time to find the perfect fit for their luxurious lifestyle needs.
Summary:
Williamsburg Condominium Market 2023
In the midst of 2023's uncertain economic landscape, the Williamsburg condominium
market has emerged as a beacon of resilience and opportunity, presenting a compelling
moment for property owners. The market's significant increase in average sales prices
signals a robust demand for high-quality, premium living spaces, demonstrating the
strong value potential for sellers in the current climate.
The swift turnover rate of properties in Williamsburg, even amidst broader market
fluctuations, points to an efficient and dynamic market. This efficiency suggests that
well-positioned properties are quickly finding eager buyers, offering an advantageous
scenario for sellers. Moreover, the trend towards smaller, urban-centric units aligns with
the shifting lifestyle preferences, making this an ideal time to capitalize on the growing
demand for such spaces.
For property owners, 2023 represents a unique window where the convergence of
favorable market conditions and buyer trends creates a prime opportunity. In these
uncertain times, leveraging the resilience and vitality of the Williamsburg condominium
market could be a strategic move, offering the potential for favorable returns in a
landscape ripe for transactional success.

RECENT
CONDOMINIUM
SALES

SOLD
256 N 9th St #PH1
$4,200,000
4 BEDS | 2.5 BATHS
2,461 SQ. FT.

SOLD
2 Northside Piers #PH2
$3,730,000
3 BEDS | 2.5 BATHS
1,916 SQ. FT.
SOLD
2 Northside Piers #24P
$2,845,000
2 BEDS | 2.5 BATHS
1,555 SQ. FT.

SOLD
30 Bayard St #1F
$1,100,000
1 BED | 1 BATH
815 SQ. FT.
SOLD
60 Broadway #3P
$797,500
STUDIO | 1 BATH
687 SQ. FT.

SOLD
38 Meserole St #2C
$695,000
STUDIO | 1 BATH
529 SQ. FT.
SOLD
215 N 10th St #5I
$695,000
STUDIO | 1 BATH
477 SQ. FT.

Williamsburg 2023: The Rental Market Review
Year to Date Insights and Trends Analysis
Size
Average Asking
Rent
Leased Units
(YTD 2023)
Avg. Asking Rent % Change
(YTD 2023 vs YTD 2022)
Average
Days
on Market
Studio $3,607 194 4.28% 20
1 Bedroom $4,158 484 5.11% 19
2 Bedroom $5,347 432 6.15% 31
3 Bedroom $6,861 138 1.84% 24
4 Bedroom $10,037 11 49.58 26
Total $4,828 1,259 7.46% 24
Market Overview: A Vibrant and Expanding Scene
In the stretch from January to October 2023, the rental landscape in Williamsburg has
exhibited a compelling narrative of growth and adaptation. This report unpacks the
multifaceted nature of the rental market in our vibrant neighborhood, showcasing how
patterns of living and tenant preferences are evolving in a post-pandemic world. A
discerning look at the period reveals a rental market that is buoyant, with strategic
positioning and nuanced shifts defining the current trajectory.
Average Asking Rent: Ascending Trajectory Amidst Urban Revival
Reflecting on the ten months of 2023, the Williamsburg rental market has charted an
ascending trajectory, with the average asking rent climbing to $4,828, marking a hearty
increase of 7.46% from the preceding year. This uptrend indicates a robust appetite for
urban living spaces, with tenants willing to pay a premium for the lifestyle and
convenience that Williamsburg offers.
Leased Units: A Reflection of Market Vitality
The dynamism of the Williamsburg rental market is captured in the volume of leased
units. During this period, 1,259 units found occupants—a testament to the area's allure.

Williamsburg 2023: The Rental Market Review
Year to Date Insights and Trends Analysis
Although this represents a slight decrease from the previous year's 1,310 units, the rapid
absorption rate, with properties spending an average of only 24 days on the market,
underscores a market that's thriving and quick to rebound.
Average Days on Market: A Swift and Responsive Market
The average days on the market stood at a brisk 24 days, reflecting a decrease from the
previous year and underscoring a swift and responsive market. This reduction in
turnover time signifies a keen demand for rentals in Williamsburg, with well-priced and
optimally located properties enjoying quick tenancies.
Average Size (SF): Larger Units Gaining Traction
In terms of space, the average square footage of leased units has seen an increase,
moving from 942 square feet in the previous year to 976 square feet in 2023. This
enlargement in living spaces reflects a market where renters are seeking more room,
whether for home offices, growing families, or simply a desire for more expansive living
quarters.
Detailed Breakdown by Unit Type
Studio Apartments: Efficient Living in High Demand
Studio apartments have become a hot commodity in Williamsburg, with the average
asking rent increasing by 4.28% to $3,607. A total of 194 units were leased, spending an
average of 20 days on the market, illustrating a continued trend for efficient, accessible
living spaces that cater to the modern urbanite's lifestyle.
1 Bedroom Units: Consistent Demand with Rent Growth
One-bedroom units remain the quintessential choice for many in Williamsburg. This
category has seen notable uptake, with 484 such units finding tenants, accompanied by
a rent increase of 5.11%, bringing the average to $4,158. Their popularity is further
underscored by the average size of these apartments, which is 748 square feet, ideally

Williamsburg 2023: The Rental Market Review
Year to Date Insights and Trends Analysis
suited for singles and young professionals. Becoming increasingly desirable, these units
typically stayed on the market for just 19 days, showcasing their high demand amid the
vibrancy of Brooklyn living. This trend underscores a growing preference for compact,
yet comfortable living spaces in Williamsburg.
2 Bedroom Units: Strong Demand and Increasing Rents
The two-bedroom segment in Williamsburg has showcased a balance of space and
demand. In 2023, these units, which offer an average of 1,118 square feet, saw an
increase in average asking rent by 6.15% to $5,347. A total of 432 two-bedroom units
were leased during this period. They spent an average of 31 days on the market,
indicating a steady demand for more spacious living options that cater to various
lifestyle needs, from small families to shared living arrangements.
3 Bedroom Units: Stable Demand with Slight Rent Adjustments
Three-bedroom apartments in Williamsburg have emerged as sought-after spaces for
families or those desiring extra room. The average asking rent for these units rose by
1.84% to $6,861, with an average size of 1,581 square feet. Throughout the year, 138
units were leased, and these properties remained on the market for an average of 24
days. This trend suggests a consistent demand for larger living spaces, reflecting the
evolving needs of the community in a post-pandemic era.
4 Bedroom Units: Exclusive Market with Significant Rent Growth
Four-bedroom apartments represent a luxury niche in the Williamsburg rental market. In
2023, these units, offering expansive living spaces averaging 2,542 square feet, saw a
dramatic increase in average asking rent of 49.58% to $10,037. Despite the limited
number of these units, with only 11 being leased, their relatively short average market
time of 26 days highlights a distinct and growing interest in high-end, spacious living.
This segment caters to a specific market demographic seeking premium, family-sized
urban dwellings.

Williamsburg 2023: The Rental Market Review
Summary:
A Lucrative Opportunity for Landlords
The Williamsburg rental market, spanning January to October 2023, stands as a beacon
of resilience and adaptability. This dynamic period, characterized by rising asking rents
across all unit types and a swift leasing pace, underscores a robust demand for diverse
living options. From the efficient charm of studio apartments to the luxury and space of
four-bedroom units, the market has proven its capacity to cater to a spectrum of tenant
preferences, showcasing its strength and broad appeal.
Looking ahead, Williamsburg's rental landscape is on a trajectory of sustained growth
and evolution. The trends we've witnessed this year reflect a community deeply invested
in the vibrancy of urban living, balanced with the desire for spacious, well-appointed
homes. This presents a golden opportunity for landlords and investors. The market's
diversity means there's room for various property types, appealing to a wide range of
potential tenants. Whether it's catering to the modern minimalist seeking a studio or a
family desiring expansive living space, the possibilities for investment and returns are
vast and varied.
In conclusion, the Williamsburg rental market in 2023 has been a testament to growth,
resilience, and diversity. Its healthy increase in rents, combined with a dynamic leasing
environment, signals the area's continued desirability and the evolving preferences of its
residents. As a representative real estate broker, my expertise and understanding of this
vibrant market position me ideally to help landlords navigate and capitalize on these
lucrative opportunities. Partnering with me means tapping into the heart of
Williamsburg's thriving rental landscape, ensuring your investments flourish in this evergrowing,
ever-appealing urban haven.

RECENT
CONDOMINIUM
RENTALS

RENTED
125 N 10th St #N5F
$12,000
3 BEDS | 3 BATHS
1,709 SQ. FT.

RENTED
398 Wythe Ave #2
$9,000
3 BEDS | 2 BATHS
1,850 SQ. FT.

RENTED
70 Berry St #6F
$8,600
2 BEDS | 2 BATHS
1,184 SQ. FT.
RENTED
136 N 8th St #1
$8,500
3 BEDS | 2 BATHS
1,890 SQ.FT.

RENTED
440 Kent Ave #10A
$7,800
2 BEDS | 2 BATHS
1,270 SQ. FT.
RENTED
46 S 2nd St #4A
$6,700
3 BEDS | 2 BATHS
1,120 SQ.FT.

RENTED
2 Northside Piers #21B
$5,500
1 BED | 1 BATH
813 SQ. FT.
RENTED
234 N 9th St #3B
$6,000
1 BED | 2 BATHS
847 SQ.FT.

Jaime Aguilera
Lic. Associate Real Estate Broker
212 470 8774
136 North 10th Street
Brooklyn, NY 11249