Last Updated on October 23, 2024

Brooklyn Real Estate Market 2024, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us

Data Source: https://www.bklynhometeam.com/wp-content/uploads/2024/10/Brooklyn-Real-Estate-Market-Report_Q3-2024.pdf

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

………. # Homes currently Available for Sale: 859 (was 841 last quarter)

………. Average # of Homes selling each month: 109 (was 127 last quarter)

………. Month’s Supply: 7.9 (was 6.6 last quarter)

Closed Home Sales

The One Key MLS reported a total of 254 closed home sales during the 3rd quarter of 2024. This was DOWN 36% from the previous quarter and DOWN 15.3% compared to the same quarter last year. Specifically, Residential home sales were DOWN 18.3%, Condo sales were UP 13.5%, and Coop sales were DOWN 24% compared to the same quarter last year.

Over the last 12 months, home sales in Brooklyn were DOWN 6.3%.

Pending Home Sales

As for pending home sales, the One Key MLS reported a total of 335 pending homes sales during the 3rd quarter of 2024. This was DOWN 4.3% from the previous quarter and UP 27.4% compared to the same quarter last year. Specifically, residential pending home sales were UP 22.5%, condo pending sales were UP 43.2%, and coop pending sales were UP 37.1%.

Median Home Price

As for Home Prices, the One Key MLS reported a median home price in Brooklyn of $815,000, that’s DOWN 14.2% from the previous quarter and DOWN 5.7% compared to the same quarter last year. Specifically, the median price for residential homes was DOWN 2.3%, median price for condos was DOWN 18.6%, and the median price for coops was DOWN 31.3% compared to the same quarter last year.

Over the last 12 months, the median home price in Brooklyn is UP 0.7%.

Mortgage Rates

Tuesday, October 22, 2024

Mortgage rates jumped to their highest levels since late July yesterday.  Underlying market movement wasn’t readily attributable to any singular headline or economic report.  Leading theories involve changes in election odds and more esoteric aspects of the bond market’s plumbing.

The damage was much easier to quantify as it resulted in one of the bigger single day jumps seen in 2024 and certainly the biggest jump that occurred in the absence of an immediately obvious, quantifiable reason.  

Today was much calmer although the average lender dialed rates up just a hair more. The day over day change was a modest 0.03%, bringing the average 30yr fixed rate up to 6.85% on top tier scenarios.  

In general, it’s a good idea to plan for additional rate volatility through the first half of November at the very least.  (view article)

Housing Inventory

There is currently 7.9 month’s supply in Brooklyn, this is UP from the 6.9 month’s supply we had last quarter, and down from the 9.5 month supply we had in the same quarter of last year. As for active listings, currently there are a total of 858 homes for sale in Brooklyn (on the One Key MLS). That’s UP from the 841 homes we had on the market in the previous quarter and DOWN from the 1,104 homes we had on the market at this time last year.

Brooklyn Real Estate Market 2024, provided by the Brooklyn Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.

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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 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.