Is Brooklyn, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Brooklyn is a buyer's market

Buyer's
Market

Difference Since October 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

$984,431

$696/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$31,534(+3.3%)

Key Takeaway

Homes in Brooklyn have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in Brooklyn was $984,431 in October 2024, up 3.3% from last year, and the median price per square foot was $696.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $579K$551.7K
-4.7%
2 $914.5K$946.6K
+3.5%
3 $950.6K$995K
+4.7%
4 $1.2M$1.2M
-3.2%
5+ $1.4M$1.4M
+2.2%

Summary: Brooklyn housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.7%, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 4.7%, 4 bedroom homes decreased by 3.2%, and 5+ bedroom homes increased by 2.2%.

Median Sold Price Compared To Nearby Cities

Queens
+4.4%
Brooklyn
+3.3%
New York
+1.2%
Manhattan
0.2%

Housing Supply in Brooklyn, NY

How many homes are available in Brooklyn, NY?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4,6874,6910.1%

Summary: The Brooklyn real estate market had 4,691 homes for sale in October 2024, a 0.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 889820
-7.8%
2 1,0531,039
-1.3%
3 937929
-0.9%
4 445446
0.2%
5+ 1,3631,457
+6.9%

Summary: The Brooklyn housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.8%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes increased by 0.2%, and 5+ bedroom homes increased by 6.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
448436-2.7%

Asking Price vs. Sold Price

169 Homes Were Sold
Under Asking

217 Homes Were Sold
At Asking

50 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Brooklyn, expect to pay close to the asking price. 49.8% of homes here sold near the asking price last month.

Summary: A total of 436 homes were sold or pending in Brooklyn in October 2024, down by 2.7% month-over-month. Of the 436 sold homes, 39% were sold under asking, 50% were sold at asking, and 11% 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

Oct 2023Oct 2024CHANGE
117 Days97 Days-17.2%

Summary: Homes in Brooklyn had an average of 97 days on market in Oct 2024, down by 17.2% compared to last year.

Breakdown of Home Sale Times

56 Homes Were Sold
Under 30 Days

93 Homes Were Sold
In 30 - 90 Days

78 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Brooklyn has remained consistent over time.

Summary: During October 2024, 436 homes were sold in Brooklyn; 13% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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