Brooklyn Real Estate Market Update: April 2023

If you’re interested in knowing the latest on the Brooklyn real estate market, you’re in the right place! In this update, I’ll be sharing 5 key points about the current state of the Brooklyn real estate market in April 2023.

Brooklyn Real Estate Prices

Let’s start with prices. In Brooklyn, the median sales price is currently $860,000, down from $985,000 last month and down from $940,000 this time last year. Prices peaked in July of last  year and then dropped and have stabilized with the exception of last month.

Brooklyn Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This tells us how close to asking price sellers are getting. Right now it’s just under 96% down from just under 97% last month. This peaked at 101% early last year and has been decreasing ever since. 

Brooklyn Days on Market

Now for the number of days on market which measures the average time it takes to sell a property in Brooklyn. Currently, we have 99 days, flat from last month’s 100 days. This was the lowest last year in the 2nd quarter when it got as low as 40 days and has been increasing ever since. 

Number of Homes For Sale in Brooklyn

Next, let’s see about how many homes are for sale now and how it’s trending. The number of active homes for sale in Brooklyn is 3,978 just about flat from 3,862 last month. This is a positive trend for sellers and the market that inventory is not building up and we are down from last year’s high of 4,557 in March. 

Number of Price Reductions in Brooklyn

Let’s take a look at how often sellers are reducing their prices in Brooklyn. 9% of sellers reduced their asking prices last month vs 12% the previous month and 8% this time last year.  Price decreases are considered a leading indicator and give you an idea of what’s going to happen in the future. This is very positive because price decreases peaked in June of last year at 15% and have been decreasing overall.

Brooklyn Real Estate Market Summary

Overall April was a neutral month for real estate in Brooklyn. On the positive side, the number of active homes for sale and the number of days on market are roughly flat and the number of price reductions has been falling. On the negative side, the median sales price and sales price to list price are down.  If you’re interested in buying or selling real estate in Brooklyn, we can help! Call me directly at 718-938-0562 or email me at justin@braithrealty.com.