“The Brooklyn real estate market demonstrated its resilience in the Fourth Quarter of 2024. Despite a dip in closed sales, the 3% annual rise in contract signings highlights the market’s strength and buyers’ continued interest in this dynamic borough. The upswing in contract activity, particularly within new developments, suggests an enduring demand.

With inventory growth across all price segments and bedroom categories, coupled with increasing median prices, the appeal of living in Brooklyn is undeniable. The market’s solid foundation is poised to drive continued positive momentum in 2025, and I look forward to the year ahead.”

– Michael Sorrentino, SVP, General Sales Manager, NY

The Brooklyn market wrapped up 2024 on a solid note: with a boost in inventory came a rise in contract signings, which were up 3% annually and 13% compared to the previous quarter.

• Closed sales were down this quarter, falling 8% YOY, while an uptick in contract activity was observed in four of the last five quarters primarily due increased activity at new development properties that have yet to commence closings.
• Resale co-ops had the steepest decline in closings, down 14% annually due to shrinking activity below $350K. Resale condos and new development were both down a more modest 4%.
• Even with fewer closings, sales volume declined only by 1% YOY to $1.158B.

Inventory expanded by double-digits for the third consecutive quarter after over two years of annual declines.

• The 1,427 active listings in 4Q 2024 was 24% below the ten-year inventory average for fourth quarters.
• South Brooklyn had the largest annual percentage gain in listed inventory after resale condo listings jumped 65%, and new development listings nearly tripled.
• Active listings grew YOY in all price segments, except the $350-$500K price range. The largest increase was in the $750K-$1M price range, which was up 64% annually.
• Inventory also grew across all bedroom types, with three+ bedrooms up 21% YOY.

Strong demand helped elevate prices, which increased across the board versus a year ago.

• Brooklyn median price increased 9% YOY to $795K, while average price per square foot increased 11% to $1,109, the second-highest figure on record.
• A growing share of sales over $2M pushed average price to its second highest point in 2.5 years, rising 8% to $1.051M.
• Resale co-op median price increased 8% to $430K due to a greater share of sales over $750K, particularly in Brooklyn Heights, Park Slope, and Prospect Heights.
• Median and average price for resale condos fell 3% and 4% respectively, however, average price per square foot increased 4% partly because of a smaller share of sales in South Brooklyn.