Brooklyn Real Estate Market Report; Q3 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us

*Please Note: These numbers are based on figures reported by the OneKey MLS. Brooklyn real estate sales are conducted on multiple MLSs so unfortunately this will not provide the comprehensive picture of local market conditions. That said, this report should give you some helpful insight into the local market and trends.

Month’s Supply

What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

Month’s Supply in Brooklyn NY

Month’s Supply in Brooklyn NY

………. # Homes currently Available for Sale: 1,104 (Last Quarter: 915)

………. Average # of Homes selling each month: 116 (Last Quarter: 121)

………. Month’s Supply: 9.5 (Last Month: 7.6)

Closed Home Sales

The One Key MLS reported a total of 288 closed home sales during the 3rd quarter of this year. This was DOWN 34.8% from the previous quarter and DOWN 46.1% compared to the same quarter last year.

Over the last 12 months, Brooklyn home sales are DOWN 33.8%.

Pending Home Sales

As for pending home sales, the One Key MLS reported a total of 314 pending homes sales during the 3rd quarter of this year. This was DOWN 35.8% from the previous quarter and DOWN 18.5% compared to the same quarter of last year.

Home Prices

As for Home Prices, the One Key MLS reported a median home price in Brooklyn of $864,250, that’s DOWN 4.5% from the previous quarter and DOWN 9% compared to the same quarter of last year.

Over the last 12 months, the median home price in Brooklyn is DOWN 5.4%.

Mortgage Rates

Mortgage rates closing in on 8%

The average rate on 30-year mortgages jumped to 7.99 percent this week, up from 7.75 percent last week, according to Bankrate’s weekly national survey of large lenders. That’s the highest level since August 2000, according to Bankrate data.

The increase reflects a variety of factors, including the Federal Reserve’s continuing fight against inflation, rising Treasury yields and the fading prospects of a recession. The central bank decided against another rate hike at its Sept. 20 meeting, but it left open the chance of another hike before the end of the year.

While the Fed doesn’t directly set fixed mortgage rates, it does establish the overall tone. “Higher for longer” is the new mantra not just for the central bank, but also for mortgage rates.

The most relevant benchmark for 30-year mortgage rates is the 10-year Treasury yield, which briefly dipped amid the recent conflict in the Middle East. However, 10-year Treasury yields are rising again — they were near 5 percent as of Oct. 19.

Many borrowers have been sidelined by the recent rise in rates. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months.

Learn more: Weekly rate trend analysis

Inventory

There is currently 9.5 month’s supply of inventory in Brooklyn. This is UP from the 7.6 month’s supply we had in the previous quarter. As for active listings, currently there are a total of 1,119 homes for sale in Brooklyn.

Brooklyn Real Estate Market Report: Q2 2023, provided by the Brooklyn Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.

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About Us

The Brooklyn Home Team is a group of friendly, service driven real estate agents in Brooklyn NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Brooklyn real estate broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Brooklyn Home Team, you’ll be in good hands, with people who care 🙂

*The opinions expressed in This Brooklyn Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Brooklyn real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Brooklyn Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Brooklyn Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.