Brooklyn Real Estate Market Update: June 2023

If you’re interested in knowing the latest about 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 June 2023.

Brooklyn Real Estate Prices

In Brooklyn, the median sales price is currently $950,000 up from $910,000 last month and $847,000 the month before. This marks two straight months of increases. We’re still below the peak of $995,000 last July but headed back up in the right direction. Let’s see if we can make it 3 consecutive months of price increases.

Brooklyn Sales Price to List Price Ratio

Next, the sales price to list price ratio. The higher this percentage, the higher the sales price is relative to the asking price. In Brooklyn, we are currently at 96.5% up from 95.8% last month. In addition to prices going up, this is a second piece of good news.

Brooklyn Days on Market

Next up is the number of days on market which tells how long it is taking to sell a property in Brooklyn. We are down to 51 days from 62 days last month and 99 days the month before. This is a 3rd very positive change bringing us closer to our strongest point last June when we got down to just 40 days. 

Number of Homes For Sale in Brooklyn

Now, let’s explore how many homes are for sale now in Brooklyn and how it’s trending. There are currently 4,278 active homes for sale in Brooklyn up from 4,228 last month so we are relatively flat here. Inventory is neither increasing nor decreasing substantially. 

Number of Price Reductions in Brooklyn

Let’s take a look at how often sellers are reducing their prices in Brooklyn. 10% of sellers reduced their asking prices last month vs 10% so we’re holding steady here. We’re also below last year’s average of 11%.

Brooklyn Real Estate Market Summary

Overall June 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 and the number of days on market is down. Meanwhile, the number of homes for sale and the number of price reductions are relatively unchanged. 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.