Is South Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, South Brooklyn has remained a Buyer's Market.
Key Takeaway
South Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Brooklyn, NY
How much do homes in South Brooklyn, NY cost?
Median Sold Price
$1,627,000
$1,241/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Brooklyn have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in South Brooklyn was $1,627,000 in April 2024, up 1.7% from last year, and the median price per square foot was $1,241.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $735K | $729K | -0.8% |
| 2 Bedrooms | $1.3M | $1.3M | +0.7% |
| 3 Bedrooms | $2.2M | $1.9M | -9.2% |
| 4 Bedrooms | $3.1M | $3.0M | -2.3% |
| 5+ Bedrooms | $3.6M | $3.7M | +3.6% |
Summary: South Brooklyn housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.8%, 2 bedroom homes increased by 0.7%, 3 bedroom homes decreased by 9.2%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 3.6%.
Median Sold Price Compared To Nearby Neighborhoods
| Greenwood Heights | $1.2M | $1.6M | +29.7% |
| South Slope | $1.4M | $1.6M | +15.0% |
| South Brooklyn | $1.5M | $1.6M | +1.7% |
| Carroll Gardens | $1.9M | $1.9M | -3.1% |
| Gowanus | $2.2M | $1.9M | -11.1% |
Housing Supply in South Brooklyn, NY
How many homes are available in South Brooklyn, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 493 | 496 | +0.6% |
Summary: The South Brooklyn real estate market had 496 homes for sale in April 2024, a 0.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 81 | 72 | -11.1% |
| 2 Bedrooms | 145 | 157 | +8.3% |
| 3 Bedrooms | 110 | 110 | 0.0% |
| 4 Bedrooms | 53 | 55 | +3.8% |
| 5+ Bedrooms | 104 | 102 | -1.9% |
Summary: The South Brooklyn housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 11.1%, 2 bedroom homes increased by 8.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes decreased by 1.9%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 35 | 49 | +40.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
41 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Brooklyn, expect to pay close to the asking price. 83.7% of homes here sold near the asking price last month.
Summary: A total of 49 homes were sold or pending in South Brooklyn in April 2024, up by 40.0% month-over-month. Of the 49 sold homes, 14% were sold under asking, 84% were sold at asking, and 2% were sold over asking.
Days on Market for South Brooklyn, NY
How long does it take to sell a home in South Brooklyn, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 116 Days | 135 Days | +16.5% |
Summary: Homes in South Brooklyn had an average of 135 days on market in Apr 2024, up by 16.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in South Brooklyn are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 49 homes were sold in South Brooklyn; 0% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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