Brooklyn Real Estate Market Update: May 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 in May 2023.

Brooklyn Real Estate Prices

Let’s start with prices. In Brooklyn, the median sales price is currently $975,000 up from $948,000 this time last year. Incredibly, despite the increase in interest rates, we are almost at the peak of $995,000 that we reached last June.

Brooklyn Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. The higher this percentage, the higher the sales price is relative to the asking price. We are currently at 96.6% up from 96.1% last month. This is another piece of good news.

Brooklyn Days on Market

Next up the number of days on market this tells us how long on average it takes to sell a property in Brooklyn. We are down to 62 days from 99 days last month. This is another very positive change bringing us closer to our strongest point last year when we were as low as 40 days in May. 

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 currently 4,310 up from 3,984 last month so we’re seeing more people list their homes for sale. 

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 9% the previous month and last year. Despite a slight increase, this is still below last year’s average of 11%.

Brooklyn Real Estate Market Summary

Overall May 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 the number of price reductions are increasing. 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.