Is Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$957,365
$683/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
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 $957,365 in March 2024, down 0.5% from last year, and the median price per square foot was $683.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $593K | $567.2K | -4.4% |
| 2 Bedrooms | $947.9K | $901.1K | -4.9% |
| 3 Bedrooms | $956.4K | $942K | -1.5% |
| 4 Bedrooms | $1.2M | $1.2M | +1.5% |
| 5+ Bedrooms | $1.4M | $1.4M | -6.0% |
Summary: Brooklyn housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.4%, 2 bedroom homes decreased by 4.9%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes decreased by 6%.
Housing Supply in Brooklyn, NY
How many homes are available in Brooklyn, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4,398 | 4,434 | +0.8% |
Summary: The Brooklyn real estate market had 4,434 homes for sale in March 2024, a 0.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 826 | 814 | -1.5% |
| 2 Bedrooms | 1,068 | 1,016 | -4.9% |
| 3 Bedrooms | 873 | 904 | +3.6% |
| 4 Bedrooms | 425 | 423 | -0.5% |
| 5+ Bedrooms | 1,206 | 1,277 | +5.9% |
Summary: The Brooklyn housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 1.5%, 2 bedroom homes decreased by 4.9%, 3 bedroom homes increased by 3.6%, 4 bedroom homes decreased by 0.5%, and 5+ bedroom homes increased by 5.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 338 | 370 | +9.5% |
Asking Price vs. Sold Price
151 Homes Were Sold
Under Asking
179 Homes Were Sold
At Asking
39 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Brooklyn, expect to pay close to the asking price. 48.5% of homes here sold near the asking price last month.
Summary: A total of 370 homes were sold or pending in Brooklyn in March 2024, up by 9.5% month-over-month. Of the 369 sold homes, 41% were sold under asking, 49% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 110 Days | 97 Days | -11.3% |
Summary: Homes in Brooklyn had an average of 97 days on market in Mar 2024, down by 11.3% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
80 Homes Were Sold
In 30 - 90 Days
74 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Brooklyn has remained consistent over time.
Summary: During March 2024, 370 homes were sold in Brooklyn; 9% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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