Brooklyn Real Estate Market Report: Q3 2021. Courtesy of the Brooklyn Home Team at Keller Williams Realty Empire in Brooklyn NY. Need Help? Contact Us anytime.
Last updated on 10/21/2021.
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.
- # of Homes on the Market: 2,256
- # of Homes selling each month: 287
- Month’s Supply: 7.9
Market in favor of: [ x ] Buyers [ ] Sellers [ ] Balanced
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Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported a total of 900 home sales in the 3rd quarter of 2021. That’s UP 9.2% from last quarter and UP 136% when compared to the same quarter of last year.
Brooklyn Home Prices
At the end of the 3rd Quarter 2021, the median home price in Brooklyn was $750K. That’s DOWN 1.3% from last quarter and DOWN 5.1% when compared to the same quarter of last year.
At the end of the 3rd quarter 2021, there was a 7.9-month supply of housing inventory in Brooklyn. That’s DOWN from the 9 month’s supply we had in the previous quarter and down dramatically from the 19.9-month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 2,256 homes for sale in Brooklyn (as per BNYMLS). That’s DOWN 5.5% from the previous quarter and DOWN 11.3% when compared to the same quarter of last year.
“Last call for super-low mortgage rates? At its latest meeting, the Federal Reserve signaled that it’s about to cut the amount of bonds it buys each month, and that it also could begin to raise interest rates as early as next year.
The mortgage market interpreted that news as the beginning of the end of super-cheap mortgage rates. In the week after the Fed’s Sept. 22 meeting, the average rate on a 30-year mortgage jumped 12 basis points, to 3.17 percent, according to Bankrate’s national survey of lenders.
Will this latest run-up in rates last? No one knows that answer for certain. But housing economists and market watchers generally agree that a variety of factors — including inflation, the economic recovery and the Fed’s pace of bond buying — are lining up to nudge rates higher.
For the millions of homeowners who have yet to lock in historically low interest rates by refinancing, that money-saving opportunity soon might fade away. “It’s more likely that rates will go up than down,” says Isaac Hacamo, an assistant professor of finance at Indiana University’s Kelley School of Business. “If you haven’t refinanced in the past few years, I would do it now.” Read More
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*The opinions expressed in this Brooklyn Real Estate Market Analysis 2021 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 Empire 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.