Ah, Brooklyn. Home to hipsters, brownstones, and the borough that somehow always feels like it’s both breaking your wallet and making your dreams come true. The Third Quarter of 2024? It’s no different. Brooklyn’s real estate market is putting on a performance worthy of a Broadway play

Cue the applause: contracts signed in Brooklyn jumped 7% compared to last year, marking the largest annual gain in three years. Buyers, it seems, are finally shaking off their mortgage-rate blues and stepping back into the game.

Why? Lower mortgage rates are luring them in, and with inventory up 15% annually, there are more homes to pick from. It’s like a buffet where the chef just added your favorite dish to the menu.

But before you break out the champagne, let’s not forget that while contracts are up, closed sales are down—way down. Just 1,350 closings this quarter, the lowest since 2020. It’s like everyone RSVP’d to the party but forgot to show up.

Resale Co-ops

Every story needs a hero, and in this tale, it’s the resale co-ops. Their closings jumped 9% year-over-year, proving that sometimes, oldies really are goodies. Median prices for these co-ops climbed 13% to $510K, as neighborhoods like Park Slope, Brooklyn Heights, and Prospect Heights flexed their charm.

Resale condos didn’t want to be outdone—they posted a jaw-dropping 16% annual increase in median price, hitting $1.118M. (Cue gasps and murmurs from the audience.)

Prices Keep Rising

Let’s talk money, honey. Brooklyn’s median price hit $822K, a 5% year-over-year increase and the second-highest figure in three years. It’s no surprise—limited inventory means sellers are still in the driver’s seat, keeping prices cruising sky-high.

And if you’re shopping in the $750K-$1M range, brace yourself. Inventory in this segment ballooned 64% annually. It’s a competitive arena where everyone’s bringing their A-game (and their checkbooks).

Meanwhile, luxury lovers are doubling down. Sales over $1M are becoming the norm, pushing up prices across the board. The median price per square foot? It shattered records at $1,047, a 6% jump from last year.

Fort Greene, Clinton Hill, and Prospect Heights: The Overachievers

If neighborhoods were students, Fort Greene, Clinton Hill, and Prospect Heights would be graduating with honors. Listed inventory skyrocketed here, thanks to resale listings climbing 37% and new development listings doubling.

What’s driving the surge? These areas blend charm, location, and that intangible Brooklyn vibe that has buyers and investors flocking like moths to a flame.

The Big Picture: Mixed Signals, Strong Interest

So, what does it all mean? Is Brooklyn soaring or stumbling? Honestly, it’s a bit of both. The market’s mixed signals—higher contracts signed but fewer closings—paint a picture of cautious optimism.

Brooklyn’s allure remains undeniable. With contracts up 7%, inventory rising, and resale co-ops and condos holding their own, the borough isn’t just surviving—it’s thriving in its own quirky, unpredictable way.

For buyers, sellers, and investors, it’s time to act before Brooklyn writes its next chapter—and the prices hit an even higher note. After all, in the theater of real estate, the standing ovation always goes to those who get in before the curtain falls.

Brooklyn’s market is as dynamic and layered as the borough itself. Whether you’re buying, selling, or just dreaming, Q3 2024 proves one thing: Brooklyn isn’t just a place—it’s a vibe. Ready to make your move? Don’t wait—because Brooklyn certainly isn’t.

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