The Randy Baruh team here with the Q3 Report for Brooklyn!
Both the Brooklyn and the Manhattan markets are seeing a return to their pre-pandemic numbers. After a brief plummet in early/mid-2020 the numbers skyrocketed, hitting a peak in early 2021 and remaining high for the next year. While the market is seeing a substantial dip, overall averages across the board are higher than the pre-pandemic averages.
As with Manhattan, the Brooklyn market has seen an incredibly strong two years but is also seeing a trend toward lower-priced homes. Yet 3Q 2022 still ranks as the second-highest third quarter on record for closings.
Brooklyn is the place to be! The demand for Brooklyn residency across all the neighborhoods has caused inventory to drop to the lowest it’s been in a decade, especially for those in the under-one-million category, which dropped by 23% while inventory for homes over 1M only declined by 15%. This quarter, sales under $500K claimed 27% of the market share, a 7% jump from a year ago.
Resale co-op transactions have increased due to demand for lower-priced homes, causing new development and resale condo sales to decline. However, the decrease in inventory has caused days-on-the-market to hit a record low at an average of 58 days.
At a glance:
- 2,173 closed sales
- 964 contracts signed
- 58 average days on market
- 1,937 homes in the inventory
- $810k median price
- $965 Average price per square foot
Read the full report here.
For more information on the Manhattan housing market, check out our Manhattan Q3 blog post.