Brooklyn Real Estate Market Analysis 2020. Courtesy of the Brooklyn Home Team at Keller Williams Realty Empire in Brooklyn NY. Need Help? Contact Us anytime.
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: 2,240
- # of Homes selling each month: 176
- Month’s Supply: 12.7
Market in favor of: [ x ] Buyers [ ] Sellers [ ] Balanced
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Brooklyn Home Sales
The Brooklyn Board of REALTORS® reported a total of 678 home sales in the fourth quarter of 2020. That’s UP 79.4% from last quarter and UP .1% from the same quarter of last year.
Brooklyn Home Prices
As of December 31, 2020, the median home price in Brooklyn was $780,000. That’s DOWN 1.3% from last quarter and UP 2.6% compared to the same quarter of last year.
As of December 31, 2020 there was a 12.7-month supply of housing inventory in Brooklyn. That’s DOWN from the 19.9 month supply we had in the previous quarter and up from the 8.4-month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 2,240 homes for sale in Brooklyn (as per BNYMLS). That’s DOWN 10.6% from the previous quarter and UP 14.7% compared to the same quarter of last year.
On January 14, 2021, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 2.900%. The average 20-year fixed rate mortgage rate is 2.810%. The average 15-year fixed mortgage rate is 2.390%. And the average 10-year fixed rate mortgage rate is 2.380%.
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*The opinions expressed in this Brooklyn Real Estate Market Analysis 2020 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.