$3,551 Closing Credit*
$299,000
500 SqFt
Studio
•1 Full Bath
Listing Office: High Class Realty SB, LLC
Is Southern Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$590,000
$470/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$11,662(-1.9%)
Key Takeaway
Homes in Southern Brooklyn have sold for 1.9% less than they did a year ago.
Summary: The median home sold price in Southern Brooklyn was $590,000 in October 2024, down 1.9% from last year, and the median price per square foot was $470.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | $285K | 0.0% |
| 2 Bedrooms | $418.3K | $445K | +6.4% |
| 3 Bedrooms | $825K | $810K | -1.8% |
| 4 Bedrooms | $982.5K | $962K | -2.1% |
| 5+ Bedrooms | $1.2M | $1.3M | +7.2% |
Summary: Southern Brooklyn housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.4%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Homecrest | $480K | $645K | +34.4% |
| Brighton Beach | $510K | $610K | +19.6% |
| Sheepshead Bay | $345K | $380K | +10.1% |
| Southern Brooklyn | $601.6K | $590K | -1.9% |
Housing Supply in Southern Brooklyn, NY
How many homes are available in Southern Brooklyn, NY?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 982 | 982 | 0.0% |
Summary: The Southern Brooklyn real estate market had 982 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 218 | 199 | -8.7% |
| 2 Bedrooms | 279 | 281 | +0.7% |
| 3 Bedrooms | 239 | 245 | +2.5% |
| 4 Bedrooms | 73 | 77 | +5.5% |
| 5+ Bedrooms | 173 | 180 | +4.0% |
Summary: The Southern Brooklyn housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.7%, 2 bedroom homes increased by 0.7%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 76 | 80 | +5.3% |
Asking Price vs. Sold Price
55 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
13 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. 68.8% of homes here sold below asking price last month.
Summary: A total of 80 homes were sold or pending in Southern Brooklyn in October 2024, up by 5.3% month-over-month. Of the 80 sold homes, 69% were sold under asking, 15% were sold at asking, and 16% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 108 Days | 116 Days | +7.0% |
Summary: Homes in Southern Brooklyn had an average of 116 days on market in Oct 2024, up by 7% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
31 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 October 2024, 80 homes were sold in Southern Brooklyn; 16% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 39% of homes were sold over 90 days.
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