Q3 Brooklyn Market Insights Report
Highlights from the report include the following:
Inventory continues to be tight throughout the borough, pushing prices slightly up.
The number of contracts signed in the sub-$2m market is down, suggesting a slow down that price point.
The $2M - $3M price segment exhibited a 14% Y-o-Y increase in velocity mainly driven by the following factors: 1) rising interest rates, which pushed leveraged buyers to lock in current financing terms before rates rise again; and 2) sellers having more reasonable price expectations and accepting discounts to get deals done.
Key neighborhood facts:
Ft Green saw the largest Y-o-Y increase in active units due to new developments hitting the market.
Brooklyn Heights saw the largest increase in median asking price as a number of high end coops hit the market
Dumbo is still the most expensive neighborhood in Brooklyn with a median asking price of $2.m!
If you are in the market to purchase or considering listing your property, the Market Insights report is an important resource! Please download the complete report here for deeper insight as well as a neighborhood by neighborhood breakdown!