Is South Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Brooklyn has remained a Buyer's Market.
Housing Prices in South Brooklyn, NY
How much do homes in South Brooklyn, NY cost?
Median Sold Price
$1,627,857
$1,238/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in South Brooklyn was $1,627,857 in May 2024, up 1.7% from last year, and the median price per square foot was $1,238.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $725K | $728K | 0.4% |
2 Bedrooms | $1.3M | $1.3M | -2.1% |
3 Bedrooms | $2.1M | $1.9M | -9.3% |
4 Bedrooms | $3.1M | $2.9M | -6.9% |
5+ Bedrooms | $3.6M | $3.8M | +4.8% |
Summary: South Brooklyn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.4%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes decreased by 9.3%, 4 bedroom homes decreased by 6.9%, and 5+ bedroom homes increased by 4.8%.
Median Sold Price Compared To Nearby Neighborhoods
Greenwood Heights | $1.3M | $1.6M | +26.9% |
South Slope | $1.4M | $1.5M | +5.8% |
South Brooklyn | $1.6M | $1.6M | +1.7% |
Carroll Gardens | $2.1M | $1.8M | -12.7% |
Gowanus | $2.2M | $1.9M | -15.5% |
Housing Supply in South Brooklyn, NY
How many homes are available in South Brooklyn, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
549 | 543 | -1.1% |
Summary: The South Brooklyn real estate market had 543 homes for sale in May 2024, a 1.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 81 | 81 | 0.0% |
2 Bedrooms | 170 | 159 | -6.5% |
3 Bedrooms | 122 | 125 | +2.5% |
4 Bedrooms | 64 | 69 | +7.8% |
5+ Bedrooms | 112 | 109 | -2.7% |
Summary: The South Brooklyn housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 6.5%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes decreased by 2.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
53 | 56 | +5.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
49 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 56 homes were sold or pending in South Brooklyn in May 2024, up by 5.7% month-over-month. Of the 56 sold homes, 5% were sold under asking, 88% were sold at asking, and 7% were sold over asking.
Days on Market for South Brooklyn, NY
How long does it take to sell a home in South Brooklyn, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
155 Days | 133 Days | -14.0% |
Summary: Homes in South Brooklyn had an average of 133 days on market in May 2024, down by 14% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 56 homes were sold in South Brooklyn; 4% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.