Brooklyn Real Estate Market Report: Q1 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us
Data Source: https://www.bklynhometeam.com/wp-content/uploads/2023/05/Brooklyn-Real-Estate-Market_Q1-2023.pdf
*Please note that this report is based on data collected from the OneKey MLS. Unfortunately Brooklyn real estate sales are conducted across multiple different MLS’s so it is not possible to aggregate the data into one easy to read report. As a result, this report will not be completely accurate but it should give you an idea of what is happening in the Brooklyn NY Real Estate Market.
What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
Month’s Supply in Brooklyn NY
………. # Homes currently Available for Sale: 1,132
………. Average # of Homes selling each month: 119
………. Month’s Supply: 9.5
Closed Home Sales
The One Key MLS reported a total of 328 closed home sales during the 1st quarter of 2023. This was DOWN 14.8% from the previous quarter and DOWN 40.9% compared to the same quarter last year.
Over the last 12 months, Brooklyn home sales are UP 10.8%.
Pending Home Sales
As for pending home sales, the One Key MLS reported a total of 515 pending homes sales during the 1st quarter of 2023. This was UP 36.6% from the previous quarter and DOWN 8.7% compared to the same quarter of last year.
As for Home Prices, the One Key MLS reported a median home price in Queens of $899,500, that’s UP 4.6% from the previous quarter and DOWN 3.8% compared to the same quarter of last year.
Over the last 12 months, the median home price in Brooklyn is Flat.
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Mortgage Industry Insights
Fed lifts rates again, but the tightening cycle might be over
The Federal Reserve hiked interest rates in May, but also indicated a potential halt to further increases as inflation shows signs of stabilizing.
Ahead of the central bank’s announcement, the average 30-year fixed-rate mortgage cost 6.52 percent, according to Bankrate’s national survey of large lenders. The rates on fixed mortgages don’t parallel the Fed’s moves, but there is some link between what the Fed does, the broader economy and how the mortgage market responds.
“The highest borrowing rates in years will get a little bit higher for credit cards, home equity lines of credit, auto loans and personal loans,” says Greg McBride, chief financial analyst for Bankrate. “Mortgage rates don’t take direct cues from the Fed and will instead respond to the outlook for the economy and inflation. A slowing economy and an easing of inflation pressures are the prerequisites for lower mortgage rates.”
Find out what experts predict for mortgage rates in Bankrate’s forecast.
There is currently 9.5 month’s of inventory in Brooklyn. As for active listings, currently there are a total of 1,132 homes for sale in Brooklyn.
Brooklyn Real Estate Market 2023, provided by the Brooklyn Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.
Good Reads & Listens
Does A Buyer’s Market Grow In Brooklyn?
Brooklyn real estate market slows as sales and inventory drop after mortgage rate hike
What Should New York Homebuyers Expect in 2023?
NYC Real Estate Market Begins to Cool, But Rents Remain High
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*The opinions expressed in This Brooklyn Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Brooklyn real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Brooklyn Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Brooklyn Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.