Brooklyn Real Estate Market Update: July 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 July 2023.

Brooklyn Real Estate Prices

In Brooklyn, the median sales price is currently $930,000 up from $915,000 last month and $910,000 the month before. This marks 3 straight months of increases. We’re still below the peak of $995,000 in July of 2022 but headed back up in the right direction.

Brooklyn Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. We are currently at 97.5%, up from 96.4% last month. The higher this percentage, the higher the sales price is relative to the asking price. This is the second consecutive increase so more good news for prices in Brooklyn going forward. 

Brooklyn Days on Market

Next up is the number of days on market. In Brooklyn, we are down to 48 days from 51 days last month and 61 days the month before. This metric tells us how long it is taking to go from listing to contract. Another very positive sign and bringing us closer to our strongest point last July when we got down to just 40 days. 

Number of Homes For Sale in Brooklyn

Next, let’s see about how many homes are for sale now and how it’s trending. There are currently 4,554 active homes for sale in Brooklyn up from 4,208 last month. This marks 5 straight months of inventory increases indicating that supply is exceeding demand.  This is a negative 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. 12% of sellers reduced their asking prices last month vs 10% the previous month. This is another negative sign for prices going forward as the number of price decreases are a leading indicator.

Brooklyn Real Estate Market Summary

Overall July 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 up and the number of days on market is down. On the negative side, the number of homes for sale and price reductions are up. 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.