Brooklyn Real Estate Market Report: 1Q 2026
“Brooklyn’s market slowed in the first quarter as higher prices and economic uncertainty made buyers more selective. There were fewer transactions, but prices remained strong, driven largely by continued activity above $2 million.
One thing that stood out this quarter is how decisively committed buyers are moving. Days on market fell 11% year over year, and well‑priced listings are still finding traction, even in a slower environment. Inventory has started to open up, particularly on the resale side, giving buyers more options than last year and creating opportunities for those who are prepared and ready to act when the right home comes along.”
– Michael Sorrentino, SVP, General Sales Manager, NY
In the First Quarter of 2026, the Brooklyn residential market moderated as it faced elevated prices, economic uncertainty, and limited new development supply.
- Signed contracts fell 14% year over year, the steepest annual decline in more than two years.
- The 1,061 closings this quarter was a decline of 8% compared to last year, and a 13-year first quarter low.
- Despite sales slowing, days on market activity shortened, averaging 87 days (-11% year over year).
- New development closings fell 22% annually, hitting their lowest first-quarter level in 10 years.
Inventory conditions continued to normalize across the borough, and active listings rose 12% annually.
- 1Q’s 1,766 listings, though 4% below the 10-year first quarter average, marked the highest first-quarter average since 2022.
- Listings under $350K had the most significant increase in inventory this quarter, up 30% over last year.
- At 42%, two bedrooms comprise the largest share of available listings in Brooklyn.
- With a drop in new development and resale condo inventory, Park Slope and Gowanus saw the largest annual decline in listings — down 22% to 78.
Price metrics strengthened across the board due to a greater share of high-end closings.
- Average price increased 6% annually to $1.113M, the second highest figure on record.
- Median price was up across all product types, pushing the overall median price up 4% to $828K.
- Resale condo and new development median prices rose 12% and 8% respectively due to a greater share of sales over $2M, especially in DUMBO, Park Slope, Williamsburg, and Greenpoint.
