Is Central 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, Central Brooklyn has remained a Buyer's Market.
Key Takeaway
Central Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Central Brooklyn, NY
How much do homes in Central Brooklyn, NY cost?
Median Sold Price
$878,322
$688/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Central Brooklyn have sold for 2.1% more than they did a year ago.
Summary: The median home sold price in Central Brooklyn was $878,322 in May 2024, up 2.1% from last year, and the median price per square foot was $688.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $539K | $520K | -3.5% |
| 2 Bedrooms | $816K | $779.1K | -4.5% |
| 3 Bedrooms | $796.5K | $830K | +4.2% |
| 4 Bedrooms | $1.3M | $1.1M | -11.5% |
| 5+ Bedrooms | $1.6M | $1.4M | -14.5% |
Summary: Central Brooklyn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.5%, 2 bedroom homes decreased by 4.5%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 11.5%, and 5+ bedroom homes decreased by 14.5%.
Housing Supply in Central Brooklyn, NY
How many homes are available in Central Brooklyn, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 933 | 927 | -0.6% |
Summary: The Central Brooklyn real estate market had 927 homes for sale in May 2024, a 0.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 194 | 184 | -5.2% |
| 2 Bedrooms | 183 | 179 | -2.2% |
| 3 Bedrooms | 117 | 115 | -1.7% |
| 4 Bedrooms | 100 | 96 | -4.0% |
| 5+ Bedrooms | 339 | 353 | +4.1% |
Summary: The Central Brooklyn housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.2%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes decreased by 4%, and 5+ bedroom homes increased by 4.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 69 | 83 | +20.3% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
51 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Central Brooklyn, expect to pay close to the asking price. 61.4% of homes here sold near the asking price last month.
Summary: A total of 83 homes were sold or pending in Central Brooklyn in May 2024, up by 20.3% month-over-month. Of the 83 sold homes, 27% were sold under asking, 61% were sold at asking, and 12% were sold over asking.
Days on Market for Central Brooklyn, NY
How long does it take to sell a home in Central Brooklyn, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 98 Days | 83 Days | -15.5% |
Summary: Homes in Central Brooklyn had an average of 83 days on market in May 2024, down by 15.5% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Central Brooklyn has remained consistent over time.
Summary: During May 2024, 83 homes were sold in Central Brooklyn; 8% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
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