Brooklyn’s real estate market remains the most competitive sales market in New York City, according to the latest market report from StreetEasy.
StreetEasy’s June 2023 Market Report notes the median asking price in Brooklyn increased 0.5% year-over-year to $999,999. The citywide median asking price is $1.09 million, which set a new record for the third consecutive month.
According to the report, the citywide median asking price rose above $1 million in April of this year for the first time since 2018.
The most in-demand homes in the city are now those priced between $700,000 and $1.6 million.
In June, the housing inventory declined for the 13th consecutive month, StreetEasy reported. According to the report, the number of newly listed homes in the city declined 21% year-over-year.
Last month, on average, a typical seller in the city received 97% of their original asking price. This statistic is relatively high, suggesting sellers are still holding the upper hand in the sales market.
An average listing in New York City received 13% more inquiries in June compared to June 2019.
In Brooklyn, a strong labor market and a booming townhouse market are fuelling buyer demand
In the townhome market, Brownstone Brooklyn remains the most popular with the Boerum Hill townhome community currently drawing the most attention.
An average Boerum Hill townhouse on the market received 79% more inquiries from home shoppers in the first half of this year compared to the same period in 2019.
According to the report, this year, 11 townhouses have entered contract in Boerum Hill, four fewer than the first half of last year. The median time on market for the townhomes was 31 days.
Cobble Hill is the second most sought-after townhome community in Brooklyn. Its average townhouse on the market received 69% more inquiries from home shoppers than in 2019. This year, 11 townhouses entered contract and the median asking price was $3.7 million. The median time on the market is 23 days.
Prospect Heights was the third most sought-after townhouse market in June in Brooklyn with an average listing receiving 35% more inquiries than it received between January and June 2019.
This year, nine townhouses entered contract in Prospect Heights. The median asking price was $3.3 million with a median of 64 days on the market.
Homes in these areas are selling three times faster than townhomes in Manhattan.
Brooklyn’s waterfront condos also continue to grow in popularity. According to the report, Williamsburg is the most sought-after market for condos in New York City.
An average listing in Williamsburg received 64% more inquiries in the first half of this year than the same period in 2019. The median asking price in the area was $1.4 million in June, up 11% from a year ago. The median time on market was 35 days.
Upcoming market insights
According to experts at StreetEasy, the summer months in the real estate market are typically slower than the first half of the year. Experts suggest that the ongoing drought of newly listed homes for sale will continue to fuel competition for relatively well-priced homes.
Additionally, the local labor market shows no sign of weakening. In May, private sector employment in New York City increased by 29,000 jobs. Experts note that this strong labor market will continue to fuel activity in the real estate industry.
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