Last Updated on January 26, 2024
Brooklyn Real Estate Market Report: Q4 2023, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us
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: 1,011 (was 1,104 last quarter)
………. Average # of Homes selling each month: 102 (was 116 last quarter)
………. Month’s Supply: 9.9 (was 9.5 last quarter)
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Closed Home Sales
The One Key MLS reported a total of 313 closed home sales during the 4th quarter of 2023. This was UP 5.7% from the previous quarter and DOWN 18.9% compared to the same quarter last year. Specifically, Residential home sales were DOWN 10.2%, Condo home sales were DOWN 35%, and Coop sales were DOWN 24% compared to the same quarter last year.
Over the last 12 months (i.e. Jan – Dec 2023), closed home sales were DOWN 34%.
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Pending Home Sales
As for pending home sales, the One Key MLS reported a total of 437 pending homes sales during the 4th quarter of 2023. This was UP 51.2% from the previous quarter and UP 31.2% compared to the same quarter of last year. Specifically, residential pending sales were UP 37.2%, condo pending sales were UP 6.5%, and coop pending sales were UP 42.7%.
Median Home Price
As for Home Prices, the One Key MLS reported a median home price in Brooklyn of $855,000, that’s DOWN 0.3% from the previous quarter and DOWN 0.9% compared to the same quarter of last year. Specifically, the median price for residential homes was flat, median price for condos was UP 6.4%, and the median price for coops was DOWN 11.8% compared to the same quarter last year.
Over the last 12 months (i.e. Jan – Dec 2023), the median home price in Brooklyn is DOWN 3.3%.
Free Home Valuation
A complimentary home valuation from local Brooklyn real estate experts.
The average rate on 30-year fixed mortgages rose to 6.93 percent this week, up from 6.88 percent last week, according to Bankrate’s weekly national survey of large lenders.
Mortgage rates fell sharply in mid-December as the Federal Reserve wrapped up its final meeting of 2023 with no rate hike. At the time, the Fed signaled several rate cuts in 2024. Mortgage rates responded by free-falling from 7.21 percent to 6.88 percent in a single week.
However, any more steep declines in mortgage rates seem unlikely for now, in large part because the Fed is again talking about keeping rates higher for longer. Two recent data points have slowed the momentum: higher-than-expected jobs numbers and an uptick in inflation. Those readings are cooling expectations for a rate cut at the Fed’s next meeting.
Learn more: Weekly mortgage rate trend analysis
There is currently 9.9 month’s of inventory in Brooklyn, this is UP from the 9.5 month’s supply we had last quarter, and flat from the 9.5 month’s supply we had in the same quarter of last year. As for active listings, currently there are a total of 1,011 homes for sale in Brooklyn (on the One Key MLS). That’s DOWN from the 1,104 homes we had on the market in the previous quarter and DOWN from the 1,132 homes we had on the market at this time last year.
Brooklyn Real Estate Market 2023, provided by the Brooklyn Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.
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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.