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.
Key Takeaway
South Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
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
Key Takeaway
Homes in South Brooklyn have sold for 1.7% more than they did a year ago.
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
Key Takeaway
If you're buying a home in South Brooklyn, expect to pay close to the asking price. 87.5% of homes here sold near the asking price last month.
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
Key Takeaway
Many homes in South Brooklyn are selling fast, if you're buying plan to act quickly.
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.
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