Brooklyn Real Estate Market Update: August 2023

If you’re interested in staying informed about the Brooklyn real estate market, you’re in the right place. In this update, I’ll be sharing five key points about the current state of the Brooklyn real estate market this August 2023.

Brooklyn Real Estate Prices

Let’s start with prices. In Brooklyn, the median sales price is currently $945,000, up from $930,000 last month and $915,000 the month before. This marks four straight months of increases. Although we’re still below the peak of $995,000 in August of 2022, we’re headed back up in the right direction. To see if this trend continues, be sure to SUBSCRIBE to my YouTube channel so you won’t miss out on next month’s report!

Brooklyn Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. We are currently at 97.9%, up from 97.5% last month. The higher this percentage, the higher the sales price is relative to the asking price. This is the third consecutive increase so more good news for prices in Brooklyn going forward. 

Brooklyn Days on Market

Let’s look at the number of days on market. We are up to 54 days from 48 days last month and 51 days the month before. This metric tells how long it is taking to go from listing to contract right now. This is not a significant change, but a reversal after improvement last month. Our recent low was last August when we got down to just 40 days. 

Number of Homes For Sale in Brooklyn

Next, let’s talk about how many homes are for sale now and how it’s trending. The number of active homes for sale in Brooklyn is down to 4,418 from 4,554 the previous month. This ends 5 straight months of inventory increases indicating that we are seeing more balance in the market.  This is a positive sign for prices going forward. 

Number of Price Reductions in Brooklyn

Let’s take a look at how often sellers are reducing their prices in Brooklyn. 11% of sellers reduced their asking price last month vs 12% the previous month. This is another positive sign for prices going forward as the number of price decreases are a leading indicator.

Brooklyn Real Estate Market Summary

Overall August was a positive month for real estate in Brooklyn. On the positive side, the median sales price and the sales price to list price ratio are both up, the number of active homes for sale has stopped increasing and the number of price reductions is down. The only negative is that the number of days on market is slightly higher. Based on all of this, I think we’ll see some price increases in the coming months. 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.