Brooklyn Real Estate Market Update: March 2023

Are you interested in the latest updates on the Brooklyn real estate market? If so, keep reading because I’m going to provide you with 5 key points that will give you an overview of the Brooklyn real estate market in March 2023. 

Brooklyn Real Estate Prices

In Brooklyn, the median sales price is currently $990,000. This is up from $870,000 last month and also up from $916,000 this time last year. This is great news as it puts us right against last year’s high of $995,000 in July. In 2022 prices increased every month through July and then dropped in August and September before recovering in October and November. 

Brooklyn Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. This is a great metric because it tells us how close to asking price sellers are getting. Right now it’s 96.6% down from 98.5% last month. Despite everything going on last year in the market, last year’s average was 99% so this represents a big drop. 

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’re at 100 days, which is way up from 74 days last month. Last year’s average was 61 days so we’re much higher. The number of days on market was lowest last year in the 2nd quarter when it got as low as 40 and has been increasing ever since. 

Number of Homes For Sale in Brooklyn 

Next, let’s see how many homes are for sale now and how it’s trending. The number of active homes for sale is 3,933 just about flat from 3,988 last month. Inventory in Brooklyn has been pretty stable over the past years and this is a continuation of that trend. 

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 7% this time last year.  Significantly higher but more in line with last year’s average of 11% and a bounceback from last month’s low number due to seasonality.  Price decreases are considered a leading indicator and give you an idea of what’s going to happen in the future. This shows us that we’re holding steady.

Brooklyn Real Estate Market Summary

In summary, prices are up, the sales price to list price ratio is down, the number of days on market is down, the number of active homes for sale remains steady, and sales price reductions increased. 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