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Co-ops, condos, 1-3 Family
The Brooklyn real estate market experienced a notable shift in the fourth quarter of 2024, according to the Douglas Elliman report. For the first time in ten quarters, sales increased despite the challenges posed by elevated mortgage rates. The average time to sell a listing in Brooklyn was notably quicker than Manhattan, averaging just three months. This analysis provides an overview of the key findings from the report, focusing on sales trends, pricing, inventory, and market dynamics.
Sales and Pricing Overview
- Number of Sales: Brooklyn saw a total of 2,281 sales in Q4 2024.
- Average Sales Price: The average sales price reached $1,258,231.
- Median Sales Price: The median sales price was $989,000.
In comparison to Q4 2023, the average sales price increased by 2.4%.
Inventory and Market Dynamics
- Listing Inventory: There was a 4.6% increase in inventory, reaching 2,307 units year over year.
- Time to Sell: The average time to sell listing inventory was three months, which is 3.2% faster than the previous year.
- Listing Discount: The average listing discount decreased to 2.5%, down from 3.2% in Q4 2023.
Market Segments
General Market Trends
- Market Median Sales Price: The median sales price saw a significant increase of 9.9% compared to the previous year, marking the second highest on record.
- Co-op Median Sales Price: Increased by 5.2% to $452,500. Despite a 12% decline in the number of sales year over year, the lower-end co-op segment experienced the largest price increase.
- Condo Median Sales Price: Showed a slight increase of 0.4% to $999,000, although the price per square foot decreased by 5.3% to $1,197. Slight increase was observed in the mid-range condo market, while both lower and higher-end markets saw price decreases.
- 1-3 Family Median Sales Price: The median price surged by 18.2% to $1,200,000, with an average price per square foot increase of 14.5% to $790. Notably, the listing inventory for this segment declined by 13% for the first time in three quarters.
Luxury Market
- Luxury Market Share: The top 10% of sales starting at $2,299,000, marking the second-highest price on record, although slightly lower than the previous year.
- Luxury Median Price: Decreased by 1.8% to $2,995,000.
- Luxury Inventory: Saw a substantial increase of 24.7%, reaching 212 units.
New Development
- Market Share: New developments constituted 11.7% of total sales, equating to 262 units.
- Price Growth: The median sales price for new developments decreased by 4.3% to $1,055,000, largely due to a shift toward smaller units averaging 1,079 square feet.
For more detailed information and a deeper dive into the specific findings, consulting the full report is recommended. The Elliman Report: Q4-2024 Brooklyn
While this report offers a general overview of the Brooklyn real estate market, it’s important to note that each neighborhood and property has its unique characteristics. Urban Appraisals New York, with over 20 years of expertise, are neighborhood experts providing appraisal services for diverse property types, including brownstones, condos, co-ops, 2-4 family homes, and vacant land. Whether you need an appraisal or market insights, we are ready to assist. Explore our services or request a quote today.