Last Updated on August 28, 2024

Brooklyn Real Estate Market Report: Q2 2024, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us

Data Source: https://www.bklynhometeam.com/wp-content/uploads/2024/08/Brooklyn-Real-Estate-Market-Report_Q2-2024.pdf

Month’s Supply

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: 841 (was 1,085 last quarter)

………. Average # of Homes selling each month: 127 (was 112 last quarter)

………. Month’s Supply: 6.6 (was 9.7 last quarter)

Closed Home Sales

The One Key MLS reported a total of 356 closed home sales during the 1st quarter of 2024. This was UP 11% from the previous quarter and DOWN 3.7% compared to the same quarter last year. Specifically, Residential home sales were DOWN 5.2%, Condo sales were DOWN 1%, and Coop sales were FLAT compared to the same quarter last year.

Over the last 12 months, home sales in Brooklyn were DOWN 17%.

Pending Home Sales

As for pending home sales, the One Key MLS reported a total of 366 pending homes sales during the 1st quarter of 2024. This was DOWN 31.3% from the previous quarter and DOWN 2.9% compared to the same quarter last year. Specifically, residential pending home sales were DOWN 8.3%, condo pending sales were UP 48.2%, and coop pending sales were DOWN 24.6%.

Median Home Price

As for Home Prices, the One Key MLS reported a median home price in Brooklyn of $950,000, that’s UP 8% from the previous quarter and UP 4.4% compared to the same quarter last year. Specifically, the median price for residential homes was UP 6.8%, median price for condos was DOWN 1.3%, and the median price for coops was DOWN 9.8% compared to the same quarter last year.

Over the last 12 months, the median home price in Brooklyn is DOWN 0.3%.

Mortgage Rates

Mon, Aug 26 2024, 4:07 PM

Mortgage rate movement is tied to activity in the bond market and like many things in the world of finance, the bond market depends on participation from human beings. As such, late summertime Mondays are occasionally superfluous when it comes to contributing to the broader interest rate narrative.  Today was just such a Monday.

The absence of meaningful impact can nonetheless be seen as a good thing considering there were no negative impacts.  In fact, the average mortgage lender was able to lower its top tier conventional 30yr fixed rates by a microscopic amount compared to Friday’s levels.

While the rest of the week’s data and events could result in more substantial movement, the potential volatility pales in comparison to what we may see in the following two weeks as the most highly consequential data is released. (view article)

Click Here for Today’s Rates

Housing Inventory

There is currently 6.6 month’s supply in Brooklyn, this is DOWN from the 9.7 month’s supply we had last quarter, and down from the 7.6 month supply we had in the same quarter of last year. As for active listings, currently there are a total of 841 homes for sale in Brooklyn (on the One Key MLS). That’s down from the 1,085 homes we had on the market in the previous quarter and DOWN from the 915 homes we had on the market at this time last year.

Brooklyn Real Estate Market 2024, provided by the Brooklyn Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.

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About Us

The Brooklyn Home Team is a group of friendly, service driven real estate agents in Brooklyn NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Brooklyn broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Brooklyn Home Team, you’ll be in good hands, with people who care ?

*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.