In the second quarter of 2024, the sale prices for homes in Brooklyn, New York City, have hit another all-time high, according to recent market reports. Notably, the price per square foot, which is often considered a more precise way to measure value, has also increased.

Fewer Homes on the Market, But Prices Still Rise

Even though there are relatively few homes available for sale, prices continue to rise. This scarcity might be pushing prices higher. However, the number of homes listed for sale has gone up slightly, which some experts see as a positive sign for the market.

Big Jump in Brownstone Prices

In the area known as the “brownstone market,” which includes one- to three-family homes in the northwest part of Brooklyn, prices have seen a dramatic increase. The price per square foot in this market has jumped by 45.3% compared to last year. In the second quarter, there were 84 brownstone sales, with the average price per square foot reaching $2,033. This is a slight increase from the first quarter’s average of $2,001 per square foot but a significant rise from $1,399 a year ago.

Overall Home Prices in Brooklyn Keep Climbing

Across Brooklyn, the median sales price for all types of homes—whether condos, co-ops, or houses—rose by 4.2% both for the quarter and the year. The median price went from $950,000 to $990,000. In the second quarter, 2,415 homes were sold out of a total of 3,345 listed. The number of homes available for sale increased by 14.5% compared to the previous year, giving the market about 4.4 months of supply, up from 3.5 months in 2023.

Mixed Results in Co-op and the Brooklyn Condo Market

The price per square foot for co-op sales dropped by 6%, averaging $570 in the second quarter, according to online reports. On the other hand, condo prices showed a small increase. Resale condos rose by 3% to $1,029 per square foot, while new developments reached $1,437 per square foot.

Positive Outlook for Brooklyn in the Real Estate Market

Overall, Brooklyn’s real estate market in the second quarter of 2024 showed some mixed signals. However, the positive trends, such as rising prices and an increasing number of listings, suggest that the market is recovering well. Michael Sorrentino, Corcoran’s New York sales manager, stated that these trends reflect Brooklyn’s growing desirability and competitiveness in the real estate market.