“The Brooklyn real estate market showcased its strength in the First Quarter of 2025, with contract signings increasing by 7% year-over-year — a strong indicator of sustained demand. Sellers responded to this momentum by bringing more inventory to the market, marking the fourth consecutive annual rise in active listings, a trend not seen since 2021.

Brooklyn’s appeal remains undeniable, as median prices climbed 7% annually to $800,000, reaching their second-highest level ever. This positive trajectory underscores Brooklyn’s resilience and reputation as a sought-after place to call home.”

– Michael Sorrentino, SVP, General Sales Manager, NY

The First Quarter of 2025 started on a positive note in Brooklyn, with signed contracts improving and sellers bringing more inventory to the market.

• Contracts signed, the timeliest indicator of demand, rose 7% YOY to 966.
• At 1,122, closings were down 8% YOY and 3% QOQ, the second consecutive quarter with an annual sales decline.
• New Development had the steepest decline in sales, with a 31% annual drop. Conversely, resale condo closings increased 15% to the highest first quarter number since 2022.
• Sales in Fort Greene, Clinton Hill, and Prospect Heights jumped 80% YOY to 115 sales, with all product types exhibiting an increase.

Brooklyn received another much-needed influx of inventory this quarter, with active listings rising 12% annually to 1,579 listings.

• This is the fourth consecutive YOY increase in active listings, which hasn’t happened since 2021. Yet, even with this growth, active listings were 17% below the ten-year inventory average for the first quarter.
• Listings did increase annually in all price segments except for the $350K – $500K range, with the $750K – $1M range experiencing the largest increase of 37% YOY.
• Bedford-Stuyvesant/Crown Heights/Prospect Lefferts Gardens had the largest annual decline in inventory due to significantly fewer new development listings.

The combination of low supply and robust demand continued to push Brooklyn prices higher, with market-wide price metrics level with/or higher than the year prior for the fourth time in five quarters.

• Median price reached its second highest level ever, up 7% YOY to $800K – a sign of the market’s upward trajectory.
• A growing share of sales over $2M pushed average price to its second highest point in 2.5 years, rising 3% to $1.050M.
• New Development had the largest jump in median price of the three product types, and the 12% YOY increase to $1.275M is the highest figure in the last eight years.
• Resale condo median and average price fell 7% and 4% respectively because of a shrinking share of sales over $1M, but average price per square foot increased compared to last year due to a smaller share of sales in southern and eastern Brooklyn.