The median asking price in Brooklyn hit $1 million in July, and the borough's home sales market is now the most competitive in the city, according to a recent market report from StreetEasy.
In the StreetEasy Market Report, "The Starting Price of Luxury Homes in NYC Continues to Rise," the median asking price in Brooklyn is listed at $1 million. This is the first time the borough breached the million-dollar mark since 2010.
The $1 million median asking price registers 5% higher than a year ago. And, typical homes sold in Brooklyn last month received 98% of the original asking price.
Experts suggest the rising asking prices are being fuelled by the borough’s continued growth and a limited housing inventory. Last month, the listing inventory in Brooklyn fell 2% from a year ago and 27% since July 2019.
In Brooklyn’s luxury market, which is defined as the top 10% of for-sale listings in each month, townhouses dominated with six out of the eight new luxury contracts.
The most expensive luxury market contract was a gut-renovated, 6,354-square-foot townhouse on 271 Hicks Street in Brooklyn Heights. The townhome was priced at $14 million.
New York City July housing market statistics
Across New York City, the housing sales market slowed in July, but still outperformed last year’s statistics.
In July, 2,002 listings on StreetEasy entered contract, which is an increase of 4% from a year ago. The increase follows a 2% year-over-year increase in June.
The median asking price of all for-sale listings across the state was $1.08M, unchanged from June but still 11% higher than a year ago.
Manhattan remains the biggest market for luxury homes and Queens continued to be the most affordable borough with a median asking price of $648,000.
The starting price of the luxury market citywide was $4.5M in July, which is 13% higher than a year ago and 15% higher than in July 2019.
The most expensive contract in New York City in July was a $34 million, full-floor condo at 50 Central Park South with 9,455-square-feet of floor space, six bedrooms, and seven-and-a-half bathrooms, in addition to a sweeping park view.
In the second quarter of 2023, 382 listings on StreetEasy above this threshold entered contract, a solid increase of 30% from the first quarter.
While lower than a year ago by 16%, 382 contracts is a substantial recovery from the second half of 2022 where 283 contracts were signed in Q3 and 239 in Q4 — the slowest quarter since 2020.
Future outlooks
The recent StreetEasy report suggests that in the second half of this year asking prices in New York City will continue to rise across all price tiers.
With consistent buyer demand and limited inventory, sellers remain in the driver’s seat and asking prices will likely not slow down throughout 2023. For more information, click here.
