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Brooklyn Q3 Market Report

October 17, 2023

Brooklyn Market at a Glance: 

  • 743 contracts signed 
  • 74 average days on market
  • 1,558 homes in inventory
  • $1,109 average price per square foot 

Q3 | Brooklyn Market Report

Brooklyn's real estate market has been navigating some challenging conditions in recent years, and the Third Quarter of 2023 brought both signs of stabilization and continued impacts from record-high figures seen in 2022. Despite hurdles like high mortgage rates and an exceptionally low housing inventory, the market is slowly returning to pre-Covid levels, reflecting Brooklyn's enduring appeal.

In the Third Quarter of 2023, Brooklyn saw just under 1,500 closings, totaling $1.567 billion. These figures represented a significant annual decrease of over 20%. It's worth noting that these year-over-year declines were measured against the near-record highs of the previous year in 2022. One of the significant challenges the Brooklyn real estate market faces is buyer hesitancy. This was evident as contracts signed fell to their lowest third-quarter level since 2014. Buyers are adopting a "wait-and-see" approach as they carefully assess market conditions.

Low inventory has continued to persist, as an obstacle to sales in Brooklyn. Active listings have shrunk by 20% year-over-year, totaling just 1,558. This marks the eighth consecutive quarter with an annual decrease and the second lowest inventory level in nine years. From a statistical standpoint, Brooklyn's pricing showed mixed trends in the Third Quarter. Median prices increased by a modest 1% year-over-year, reaching $810,000. This increase can be attributed to a shift in the distribution of sales by price point and product type. 

In summary, Brooklyn's real estate market faced significant challenges in the Third Quarter of 2023, including high mortgage rates, low inventory, and buyer hesitancy. However, it's essential to consider these factors within the context of the record-high figures of the previous year. Despite the slowdown in sales, Brooklyn remains a sought-after market, and the increase in new development sales is driving up property prices in the high-end segment. 

To read the full report, click HERE.

Featured Press & Media Posts

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

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

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

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

By Brownstoner / November 5, 2019

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

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By Brownstoner / August 5, 2019

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

By Brownstoner / April 25, 2019

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

By Brownstoner / February 25, 2019

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

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By Breownstoner / July 26, 2018

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

By Brownstoner / July 11, 2018

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

By Brownstoner / April 1, 2018

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

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Shape up: five homes for fitness

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

By Brownstoner / January 8, 2018

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The Mountaintop

By Corcoran / November 27, 2017

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

By Curbed / October 2, 2017

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A New Brooklyn Listing Becomes the Borough’s Most Expensive

By Corcoran / October 2, 2017

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

By AM New York / August 6, 2017

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Postmodern Upper East Side townhouse tries again for $40M

By Curbed / January 26, 2017

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Art dealer Martin Zimet lists UES townhouse for $40M

By The Real Deal / January 26, 2017

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

By Bloomberg / December 6, 2016

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Live Large Over Union Square in This Penthouse Loft

By Corcoran / September 13, 2016

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Done Deals: DUMBO

By Brokers Weekly / June 15, 2016

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Living Large: East 61st Street

By CBS / May 25, 2016

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

By The Real Deal / April 5, 2016

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A New Dimension in Home Buying: Virtual Reality

By The New York Times / February 14, 2016

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By Corcoran / November 30, 2015

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On the Market: Harlem Charmer

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

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