Brooklyn at a Glance:
- 1,460 Contracts signed
- 125 Average days on the market
- 3,697 Homes in inventory
- $893 Average price per square foot
Q3 | Brooklyn Market Report
Brooklyn’s residential real estate market is undergoing a significant transformation, and the Third Quarter of 2024 brought stabilization and continued impacts from record-high figures in 2023. Despite hurdles like shifting buyer preferences and a competitive landscape, the market continues to evolve, reflecting Brooklyn’s enduring appeal.
In the Third Quarter of 2024, Brooklyn saw 2,555 sales this quarter, a 4.3% year-over-year increase and 1.9% quarter-over-quarter. Reflective of the larger inventory issue, there was a 5.4% decrease in inventory from the previous year yet an 11.2% increase from last quarter. From a statistical standpoint, Brooklyn’s pricing showed mixed trends in the Third Quarter. Significant increases were seen in new listings at $1M and above, while those below this threshold saw much less activity, with the category of less than $500,000 falling 60.7% compared to last year.
In light of the significant inventory challenge, we observed a 5.4% decrease in inventory from the previous year, while witnessing an 11.2% increase from the last quarter. These fluctuations highlight the urgency of addressing our inventory management to ensure seamless operations and sustained growth.
Overall, Brooklyn’s real estate faced significant challenges in the Third Quarter of 2024. Despite the slowdown in sales, Brooklyn remains a sought-after market. Stakeholders should remain vigilant to these trends, which will likely shape future opportunities and developments in the borough.
To read the full report, click HERE.