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.
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
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
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
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.