Is Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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
$949,607
$670/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
The sold price of homes in Brooklyn has remained the same since last year.
Summary: The median home sold price in Brooklyn was $949,607 in November 2023, down 0.1% from last year, and the median price per square foot was $670.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $577.3K | $573.6K | -0.6% |
| 2 Bedrooms | $926K | $905.8K | -2.2% |
| 3 Bedrooms | $935K | $940.5K | +0.6% |
| 4 Bedrooms | $1.2M | $1.2M | -1.8% |
| 5+ Bedrooms | $1.4M | $1.4M | -5.2% |
Summary: Brooklyn housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 0.6%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes increased by 0.6%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes decreased by 5.2%.
Housing Supply in Brooklyn, NY
How many homes are available in Brooklyn, NY?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 4,833 | 4,689 | -3.0% |
Summary: The Brooklyn real estate market had 4,689 homes for sale in November 2023, a 3.0% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 948 | 882 | -7.0% |
| 2 Bedrooms | 1,142 | 1,076 | -5.8% |
| 3 Bedrooms | 959 | 924 | -3.6% |
| 4 Bedrooms | 471 | 478 | +1.5% |
| 5+ Bedrooms | 1,313 | 1,329 | +1.2% |
Summary: The Brooklyn housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 7%, 2 bedroom homes decreased by 5.8%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 1.2%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 425 | 354 | -16.7% |
Asking Price vs. Sold Price
153 Homes Were Sold
Under Asking
170 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Brooklyn, expect to pay close to the asking price. 48% of homes here sold near the asking price last month.
Summary: A total of 354 homes were sold or pending in Brooklyn in November 2023, down by 16.7% month-over-month. Of the 354 sold homes, 43% were sold under asking, 48% were sold at asking, and 9% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 105 Days | 107 Days | +2.1% |
Summary: Homes in Brooklyn had an average of 107 days on market in Nov 2023, up by 2.1% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
75 Homes Were Sold
In 30 - 90 Days
90 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 November 2023, 354 homes were sold in Brooklyn; 9% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
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