Is Northwestern 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, Northwestern Brooklyn has remained a Buyer's Market.
Housing Prices in Northwestern Brooklyn, NY
How much do homes in Northwestern Brooklyn, NY cost?
Median Sold Price
$1,457,000
$1,337/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Northwestern Brooklyn was $1,457,000 in May 2024, up 7.3% from last year, and the median price per square foot was $1,337.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $800.6K | $807.5K | +0.9% |
2 Bedrooms | $1.3M | $1.4M | +2.2% |
3 Bedrooms | $2.3M | $2.4M | +4.3% |
4 Bedrooms | $4.1M | $4.4M | +7.6% |
5+ Bedrooms | $4.0M | $4.9M | +24.9% |
Summary: Northwestern Brooklyn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.9%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 24.9%.
Median Sold Price Compared To Nearby Neighborhoods
Fort Greene | $1.3M | $1.5M | +11.9% |
Downtown Brooklyn | $1.3M | $1.4M | +9.5% |
Northwestern Brooklyn | $1.3M | $1.4M | +7.3% |
Housing Supply in Northwestern Brooklyn, NY
How many homes are available in Northwestern Brooklyn, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
492 | 448 | -8.9% |
Summary: The Northwestern Brooklyn real estate market had 448 homes for sale in May 2024, a 8.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 139 | 132 | -5.0% |
2 Bedrooms | 167 | 147 | -12.0% |
3 Bedrooms | 105 | 84 | -20.0% |
4 Bedrooms | 30 | 34 | +13.3% |
5+ Bedrooms | 51 | 51 | 0.0% |
Summary: The Northwestern Brooklyn housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5%, 2 bedroom homes decreased by 12%, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
54 | 53 | -1.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
50 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 53 homes were sold or pending in Northwestern Brooklyn in May 2024, down by 1.9% month-over-month. Of the 53 sold homes, 2% were sold under asking, 94% were sold at asking, and 4% were sold over asking.
Days on Market for Northwestern Brooklyn, NY
How long does it take to sell a home in Northwestern Brooklyn, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
20 Days | 101 Days | +396.7% |
Summary: Homes in Northwestern Brooklyn had an average of 101 days on market in May 2024, up by 396.7% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 53 homes were sold in Northwestern Brooklyn; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.