Is 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, Brooklyn has remained a Buyer's Market.
Key Takeaway
Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Brooklyn, NY
How much do homes in Brooklyn, NY cost?
Median Sold Price
$971,953
$689/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Brooklyn have sold for 1.9% more than they did a year ago.
Summary: The median home sold price in Brooklyn was $971,953 in May 2024, up 1.9% from last year, and the median price per square foot was $689.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $599K | $551K | -8.0% |
| 2 Bedrooms | $938.3K | $916.8K | -2.3% |
| 3 Bedrooms | $947K | $971.7K | +2.6% |
| 4 Bedrooms | $1.2M | $1.2M | -1.5% |
| 5+ Bedrooms | $1.4M | $1.4M | -6.6% |
Summary: Brooklyn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes decreased by 6.6%.
Housing Supply in Brooklyn, NY
How many homes are available in Brooklyn, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4,725 | 4,712 | -0.3% |
Summary: The Brooklyn real estate market had 4,712 homes for sale in May 2024, a 0.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 897 | 865 | -3.6% |
| 2 Bedrooms | 1,126 | 1,094 | -2.8% |
| 3 Bedrooms | 961 | 940 | -2.2% |
| 4 Bedrooms | 450 | 458 | +1.8% |
| 5+ Bedrooms | 1,291 | 1,355 | +5.0% |
Summary: The Brooklyn housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 3.6%, 2 bedroom homes decreased by 2.8%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes increased by 5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 409 | 491 | +20.0% |
Asking Price vs. Sold Price
206 Homes Were Sold
Under Asking
247 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Brooklyn, expect to pay close to the asking price. 50.3% of homes here sold near the asking price last month.
Summary: A total of 491 homes were sold or pending in Brooklyn in May 2024, up by 20.0% month-over-month. Of the 491 sold homes, 42% were sold under asking, 50% were sold at asking, and 8% were sold over asking.
Days on Market for Brooklyn, NY
How long does it take to sell a home in Brooklyn, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 104 Days | 106 Days | +2.5% |
Summary: Homes in Brooklyn had an average of 106 days on market in May 2024, up by 2.5% compared to last year.
Breakdown of Home Sale Times
53 Homes Were Sold
Under 30 Days
84 Homes Were Sold
In 30 - 90 Days
105 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Brooklyn are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 491 homes were sold in Brooklyn; 11% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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