Is Southern 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, Southern Brooklyn has remained a Buyer's Market.
Key Takeaway
Southern Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Southern Brooklyn, NY
How much do homes in Southern Brooklyn, NY cost?
Median Sold Price
$581,918
$460/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Southern Brooklyn have sold for 6.4% less than they did a year ago.
Summary: The median home sold price in Southern Brooklyn was $581,918 in April 2024, down 6.4% from last year, and the median price per square foot was $460.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $292.5K | $280K | -4.3% |
| 2 Bedrooms | $428.3K | $420K | -1.9% |
| 3 Bedrooms | $800K | $800K | 0.0% |
| 4 Bedrooms | $975K | $975K | 0.0% |
| 5+ Bedrooms | $1.3M | $1.2M | -6.0% |
Summary: Southern Brooklyn housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.3%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes decreased by 6%.
Median Sold Price Compared To Nearby Neighborhoods
| Sheepshead Bay | $385K | $400K | +3.9% |
| Southern Brooklyn | $621.8K | $581.9K | -6.4% |
Housing Supply in Southern Brooklyn, NY
How many homes are available in Southern Brooklyn, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 811 | 845 | +4.2% |
Summary: The Southern Brooklyn real estate market had 845 homes for sale in April 2024, a 4.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 172 | 192 | +11.6% |
| 2 Bedrooms | 241 | 242 | 0.4% |
| 3 Bedrooms | 186 | 195 | +4.8% |
| 4 Bedrooms | 74 | 71 | -4.1% |
| 5+ Bedrooms | 138 | 145 | +5.1% |
Summary: The Southern Brooklyn housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 4.8%, 4 bedroom homes decreased by 4.1%, and 5+ bedroom homes increased by 5.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 56 | 54 | -3.6% |
Asking Price vs. Sold Price
36 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southern Brooklyn, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 54 homes were sold or pending in Southern Brooklyn in April 2024, down by 3.6% month-over-month. Of the 54 sold homes, 67% were sold under asking, 22% were sold at asking, and 11% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 109 Days | 125 Days | +14.5% |
Summary: Homes in Southern Brooklyn had an average of 125 days on market in Apr 2024, up by 14.5% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
25 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Southern Brooklyn are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 54 homes were sold in Southern Brooklyn; 15% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 46% of homes were sold over 90 days.
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