In the first quarter of 2024, Brooklyn’s real estate market showed promising signs of a return. Not only did contracts signed jump 3% despite continued limited inventory across the borough, we’re also seeing an uptick in closed sales and pricing statistics, a side effect of the 40% annual rise in new development sales this quarter.
While it’s still premature to declare a definitive turnaround, we’re optimistic about the Brooklyn market in the coming months.
1Q 2024 experienced signs of potential improvement. Borough-wide sale and pricing statistics all grew versus a year ago, suggesting that Brooklyn remains both a market in demand and on the verge of a meaningful rebound.
Closings rose 13% annually to almost 1,300 sales. The 6% quarterly increase is also in line with the typical seasonal rise in closings.
New development sales surged 40% YOY as several buildings closed around 20 units apiece.
With the increase in closings and uptick in pricing, sales volume this quarter rose 21% annually to $1.3B.
Shifts in the mix, size, location, and profile of First Quarter 2024 closings drove Brooklyn price figures higher than the First Quarter of 2023.
A shift in the market share of sales towards new developments, particularly in Williamsburg, Greenpoint, and Downtown Brooklyn, contributed to the annual increase in price statistics.
Median price and average price were up 8% and 7%, reaching $777K and $1.030M respectively.
Resale condo median price rose 3% to $978K as there was an uptick in the share of sales over $1M this quarter.
Read the full report.
Looking for a Top Brooklyn Real Estate Agent?
Craig Yoskowitz is a seasoned agent with Corcoran in Park Slope who knows how to navigate the fiercely competitive New York City real estate market. With extensive knowledge and experience, he skillfully guides buyers and sellers through every twist and turn, offering confidence, warmth, and the fortitude to get deals closed.
