How Is The Real Estate Market In BROOKLYN, NY?
By Yakov Hershkowitz
Published: Jan 08, 2024
Even if you don’t live in the US, you know precisely where Brooklyn is. The place has gained a worldwide reputation and has aged exquisitely, like the finest wines. When you say it, Brooklyn, it carries a particular energy, tone, and musicality that perfectly captures the spirit of New York City. Close your eyes, and you’ll see how the iconic Brooklyn Bridge stretches its arms toward Manhattan and Prospect Park! And I haven’t mentioned the historic Brownstone-lined neighborhoods yet! Brooklyn is so much more than a simple relocation destination. It’s a lifestyle choice for families, career-driven people, artists, and eager real estate investors.
Get up-to-date information on the thriving real estate market in Brooklyn New York from an expert!
Does moving to Brooklyn, New York, intrigue you already? In that case, contacting me at your earliest convenience would be best! I am your top-tier local real estate agent in Brooklyn, NY, ready to bring you up to speed with the nitty-gritty of the housing market! Are you interested in buying an affordable home or investing in residential or commercial property with a potential high ROI in Brooklyn? Give me a shout-out, and I will deliver the best deals in town!
What’s the price point of homes for sale in Brooklyn, New York?
Without exaggeration, New York City is one of the world’s most impressive capitals. Owning a property in Brooklyn will give you access to countless economic and cultural perks you can’t even fathom. For this reason, home prices might seem pricey at first. But don’t give up hope just yet!
Let’s talk numbers - buying a property in Brooklyn!
In the last quarter of 2023, Brooklyn’s median home sale price was approximately $975,000. On average, property prices have increased by about 3.8 percent since 2022, a clear indicator of the immense demand for housing. Simultaneously, the average sale price per square foot was around $640.
Based on December 2023 statistics, a one-bedroom home costs approximately $553,000 (down 4.6 percent since 2022). You can purchase a two-bedroom unit for $900K, on average. A four-bedroom asset is available for cca. $1.2 million.
At the end of last year, homes for sale in Brooklyn stayed on the market for 108 days, on average. Homebuyers should also plan ahead, knowing the down payment was about 26.7 percent of the home price.
Are you considering renting a unit in Brooklyn NY?
Renting an apartment can be a viable and flexible option for home seekers in Brooklyn. Expect the following average rents per month! The rent for a one-bedroom apartment in downtown Brooklyn is approximately $3.170. The same unit is available for $2,370 outside the city center, such as Coney Island or Brighton Beach.
If you plan to move into a larger three-bedroom apartment in the city center, expect, on average, to pay $6,500 rent. The same-sized unit outside Downtown Brooklyn is available for $4,230.
How does Brooklyn compare to other markets?
Based on these numbers, Brooklyn real estate costs more than double the national average ($434K) and the state of New York ($490,000). Brooklyn homes are pricier than the New York average assets ($833,000) and Queens ($678K). At the same time, they are more affordable than the Manhattan average ($1.3 million)
Is Brooklyn New York a buyer’s or seller’s market?
As of Q1 2024, Brooklyn remained a buyer’s market and is not exceptionally competitive. Properties seldom receive multiple offers and stay on the market for extended periods. Undoubtedly, the current real estate market favors homebuyers and investors, lending them some wiggle room price-wise.
How diverse can the Brooklyn real estate market get?
In short, the sky's the limit. Brooklyn’s got a bit of everything for everyone. You’ve got family-friendly Park Slope, artsy Bushwick, the industrial-chic DUMBO, and the up-and-coming Gowanus. The housing options are endless. Suppose you’re into fancy historical townhouses, modern high-end condos, or classic brick row houses. Brooklyn will cater to all your housing requirements!
Now, about the personality of these neighborhoods, each has its own, trust me. Want to live in the heart of the arts? Head to Williamsburg. Looking for multicultural vibes? Flatbush is calling. I could go on, but you get the picture. All you have to do is fill me in with your needs, and I will point you in the right direction!
Brooklyn isn’t just buildings and streets. It’s a cultural phenomenon, and owning a piece of it is like having the ultimate New York badge of honor. Living in Brooklyn will get you a first-row seat to its vibrant culture, endless opportunities, and dynamic real estate market conditions. And you can’t put a price tag on that!
Get in touch with me if you’re considering buying, selling, or investing in a Brooklyn property, and I assure you you’ll benefit from the most favorable terms!