Brooklyn Home Prices, Sales Jump in Fourth Quarter: Reports

Home sales are on the rise in Brooklyn for the first time in more than two years, despite high mortgage rates and sales prices, fourth quarter market reports released today show.

Sales climbed 6.8 percent in Brooklyn to 2,281 at the end of last year, compared with 2,135 in 2023, Miller Samuel’s report for Douglas Elliman shows. The number of listings on the market also went up 4.6 percent from 2,206 in 2023 to 2,307 in 2024, giving prospective homebuyers more options.

The median sales price for all types of homes in the borough rose 9.9 percent to $989,000 in the quarter vs. the same period a year earlier, the second highest level on record, according to the report. The average sale price hit $1.258 million, an increase of 7.2 percent on the same period in 2023.

The median sales price of condos, luxury houses, and new developments all declined year-on-year, while co-op and townhouse (defined as one- to three-family houses) prices surged. Townhouses saw a hefty 18.2 percent increase in the median sales price from $1.015 million in 2023 to $1.2 million last quarter, and house price per square foot climbed from $688 to $790. Meanwhile, the median sale price for co-ops ticked up 5.2 percent to $452,500.

All across the borough, prices were on the rise compared to the year before. Townhouses in northwest Brooklyn saw the biggest leap with a 25.8 percent increase in median prices, from $2.3 million in 2023 to $2.89 in 2024. All types of homes in Williamsburg and Greenpoint also saw a large median price increase over the same period, climbing 21.8 percent to $1.55 million.

Related Stories

• Brooklyn Home Prices Keep Climbing as Rents Drop
• Home Sale Prices Higher Than Ever in Brooklyn
• Brooklyn Real Estate Prices Hold Steady in First Quarter

Email tips@brownstoner.com with further comments, questions or tips. Follow Brownstoner on Twitter and Instagram, and like us on Facebook.