Brooklyn Real Estate Market Update: December 2023

Prices are lower this month in Brooklyn both month over month and year over year.  In this update, I’ll be sharing how the local market is performing and where it’s headed. We’ll take a look at the latest data on prices, the sales price to list price ratio, the number of days on market and the number of homes for sale. So let’s get started. 

Brooklyn Real Estate Prices

Let’s start with prices. In Brooklyn, the median sales price is down to $875,000 from $975,000 last month. Some of this is seasonality as prices are down month over month this time of year about 75% of the time. However, prices are down about 8% year over year. 

Brooklyn Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? The sales price to list price ratio is 97% roughly flat from last month. Compare this to last year’s average of 99%.

Brooklyn Days on Market

Next, if you list a property, how long does it take to go into contract? The answer is 62 days better than 71 days last month. Does that make it a sellers or buyers market? 62 days is a sellers market. That’s right, despite everything you hear on the news, inventory is low and it’s a sellers market in Brooklyn. 

Number of Homes For Sale in Brooklyn

Finally, how many properties are for sale in Brooklyn? 4,206 homes are currently on the market up from 4,094. Although not drastic, inventory is increasing for the second month in a row which can be a negative sign for prices in the months ahead. One important note – there’s still about 15% less homes for sale as typical over the past 5 years which is supporting prices despite current mortgage rates. 

Brooklyn Real Estate Market Summary

Overall December was a negative month for real estate in Brooklyn. The median sales price is down, the sales price to list price ratio is flat and the number of active homes for sale are up. The only positive is the number of days on market is down. It looks like the market is losing some momentum. Let’s see what happens in the new year. 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.