Brooklyn Real Estate Market Update: November 2023

After falling last month real estate prices are back up this month in Brooklyn. 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. Positive news here. In Brooklyn, the median sales price is up to $975,000 from $950,000 last month. Prices peaked last July and fell until February and we’re up since February but still off 2% from last July’s level. 

Brooklyn Sales Price to List Price Ratio

Next, how much are sellers discounting asking prices? A bit of negative news here. The sales price to list price ratio is worse this month at 97.2% from 97.6% 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 72 days, a bit worse than 67 days last month. Does that make it a sellers or buyers market? Drum roll…72 days is still a sellers market. 

Number of Homes For Sale in Brooklyn

Finally, how many properties are for sale in Brooklyn? 4,094 homes are currently on the market up from 3,973. Although not drastic, inventory is increasing 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 increasing interest rates. 

Brooklyn Real Estate Market Summary

Overall November was a negative month for real estate in Brooklyn. On the positive side, the median sales price is up. On the negative side, the sales price to list price ratio is down, the number of days on market and the number of active homes for sale are up. So it’s great that prices are up, but the market does appear to be weakening likely due to mortgage rates increasing a half a point over the past 30 days. It will be interesting to see what happens next month. 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.