Is Southern Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Southern Brooklyn has remained a Buyer's Market.
Key Takeaway
Southern Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Southern Brooklyn, NY
How much do homes in Southern Brooklyn, NY cost?
Median Sold Price
$586,428
$462/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southern Brooklyn have sold for 5.6% less than they did a year ago.
Summary: The median home sold price in Southern Brooklyn was $586,428 in May 2024, down 5.6% from last year, and the median price per square foot was $462.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $295K | $279.5K | -5.3% |
| 2 Bedrooms | $424.5K | $425K | 0.1% |
| 3 Bedrooms | $809K | $800K | -1.1% |
| 4 Bedrooms | $980K | $977.5K | -0.3% |
| 5+ Bedrooms | $1.3M | $1.3M | -0.4% |
Summary: Southern Brooklyn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.3%, 2 bedroom homes increased by 0.1%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes decreased by 0.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Sheepshead Bay | $367.5K | $400K | +8.8% |
| Manhattan Beach | $1.1M | $1.1M | +4.3% |
| Brighton Beach | $560K | $577.5K | +3.1% |
| Southern Brooklyn | $621.1K | $586.4K | -5.6% |
Housing Supply in Southern Brooklyn, NY
How many homes are available in Southern Brooklyn, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 864 | 924 | +6.9% |
Summary: The Southern Brooklyn real estate market had 924 homes for sale in May 2024, a 6.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 189 | 194 | +2.6% |
| 2 Bedrooms | 253 | 270 | +6.7% |
| 3 Bedrooms | 202 | 209 | +3.5% |
| 4 Bedrooms | 72 | 81 | +12.5% |
| 5+ Bedrooms | 148 | 170 | +14.9% |
Summary: The Southern Brooklyn housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.6%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 14.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 58 | 90 | +55.2% |
Asking Price vs. Sold Price
65 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southern Brooklyn, you may be able to get a good deal. 72.2% of homes here sold below asking price last month.
Summary: A total of 90 homes were sold or pending in Southern Brooklyn in May 2024, up by 55.2% month-over-month. Of the 90 sold homes, 72% were sold under asking, 20% were sold at asking, and 8% were sold over asking.
Days on Market for Southern Brooklyn, NY
How long does it take to sell a home in Southern Brooklyn, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 117 Days | 132 Days | +12.9% |
Summary: Homes in Southern Brooklyn had an average of 132 days on market in May 2024, up by 12.9% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
40 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Southern Brooklyn are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 90 homes were sold in Southern Brooklyn; 19% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 44% of homes were sold over 90 days.
Information being provided by Brooklyn Multiple Listing Service is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. 
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 
©2024 The Real Estate Board of New York, Inc., All rights reserved. Website powered by IHR Technology Services.