Brooklyn Q3 2022 Market Report

October 29, 2022

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. 

Featured Press & Media Posts

Press

Kate Moss and Johnny Depp's former Greenwhich Village Apartment Hits the Market

By The Randy Baruh Team / August 11, 2023

Press

Kate Moss and Johnny Depp's Former NYC Love Nest asks $15.5M

By The Randy Baruh Team / August 11, 2023

Press

Greenwich Village Residence Where Kate Moss Lived in the '90s Seeks $15.5M

By The Randy Baruh Team / August 11, 2023

Press

If You're Not Leaning Into Video and Social, You're Going to Get Passed By

By The Randy Baruh Team / August 11, 2023

Press

How Randy Baruh Uses AI for Real Estate Listings

April 11, 2023

Press

Brooklyn Real Estate Six Months Later: Two Sold, One in Contract, One Still Available

By Brownstoner / May 15, 2020

Press

Top 10 Brooklyn Real Estate Listings: A Finish Co-op in Sunset Park, a Crown Heights Limestone

By Brownstoner / November 24, 2019

Press

Top 10 Brooklyn Real Estate Listings: A Co-Op in Flatbush, a Standalone in Bay Ridge

By Brownstoner / November 10, 2019

Press

Spacious Co-op in Prewar Brooklyn Heights Tower With Fanciful Exterior, Updates Asks $1.5 Million

By Brownstoner / November 5, 2019

Press

Manhattan's most dramatic price cuts include Fifth Avenue co-op reduced by $555K

By Brownstoner / August 8, 2019

Press

The most spectacular new listings in NYC include Gramercy brewery-turned-condo

By Brownstoner / August 5, 2019

Press

Brooklyn’s luxury market saw 16 contracts signed last week: Stribling

By Brownstoner / April 25, 2019

Press

A true two bedroom, two bath in Dumbo, for a relative steal at $1,325,000

By Brownstoner / February 25, 2019

Press

Before & After: A Humdrum Home in Brooklyn Receives a Stylish Revamp

By Brownstoner / September 11, 2018

Press

New Listings

By Breownstoner / July 26, 2018

Press

How much for a sun-filled Upper East Side 2BR with custom finishes?

By Brownstoner / July 11, 2018

Press

Top 10 Brooklyn Real Estate Listings: A Corner Loft and a Minimalist Brownstone

By Brownstoner / April 1, 2018

Press

Park Slope Home With Zen Vibe and Three More to See This Weekend, Starting at $1.695 Million

By Brownstoner / March 23, 2018

Press

Shape up: five homes for fitness

By Brownstoner / January 12, 2018

Press

Massive One Brooklyn Bridge Park Condo With Rooftop Cabana, Skyline Views Asks $8.75 Million

By Brownstoner / January 8, 2018

Press

The Mountaintop

By Corcoran / November 27, 2017

Press

Brooklyn's most expensive home for sale is this $19.5M condo

By Curbed / October 2, 2017

Press

A New Brooklyn Listing Becomes the Borough’s Most Expensive

By Corcoran / October 2, 2017

Press

3D videos: A new way to tour NYC real estate up for sale

By AM New York / August 6, 2017

Press

Postmodern Upper East Side townhouse tries again for $40M

By Curbed / January 26, 2017

Press

Art dealer Martin Zimet lists UES townhouse for $40M

By The Real Deal / January 26, 2017

Press

Goldman Sachs Alum Turns to Virtual Reality to Sell $57 Million Mansion

By Bloomberg / December 6, 2016

Press

Live Large Over Union Square in This Penthouse Loft

By Corcoran / September 13, 2016

Press

Done Deals: DUMBO

By Brokers Weekly / June 15, 2016

Press

Living Large: East 61st Street

By CBS / May 25, 2016

Press

These Were the Top Home Sales in BK, Queens in March

By The Real Deal / April 5, 2016

Press

A New Dimension in Home Buying: Virtual Reality

By The New York Times / February 14, 2016

Press

Finding Real Estate Steals In The City

By Corcoran / November 30, 2015

Press

On the Market: Harlem Charmer

By Corcoran / November 11, 2015

Press

Last week's prettiest new listings include Demi Moore's triplex penthouse in the San Remo

By Brownstoner / November 4, 2001

Press

Remaking a ‘Developer Special’ in Brooklyn

By Brownstoner / January 16, 2001

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