After several years of dwindling supply, an increase in homes listed for sale helped to raise real estate prices in Brooklyn during the second quarter of 2024.
There are now about 1,900 homes available to buy in the borough, an increase of 15% from last year, according to a recent real estate market report from Corcoran.
Condominium re-sales increased, but co-op sales decreased, the report said.
The median price of a home in Brooklyn hit an all-time high of $883,000, a 15% increase from last year.
"Brooklyn's real estate market in the second quarter of 2024 showed mixed signals, but the positives clearly outweighed the negatives, indicating a market on the mend," said Michael Sorrentino, senior vice president and general sales manager in New York.
Although there was a slight downturn in contract activity when compared to last year – driven by higher mortgage rates and low supply – the "pent-up demand" gives the firm confidence that the third quarter of 2024 will see continued strength in the real state market, Sorrentino said through a press release.
Meanwhile, a Douglas Elliman market report, compiled by appraisal firm Miller Samuel, indicated that the median sale price for condos, co-ops and one- to three-family homes rose 4.2% from the same time last year.
There was a surge in home sales in Greenpoint and Williamsburg, the report said. In addition, 45.5% of all residential sales were all-cash transactions.
