Brooklyn’s median sale worth reached a file excessive of $995,000 throughout the first quarter of 2025, a year-over-year uptick of 4.7 %, in keeping with Douglas Elliman’s most up-to-date market report. The common worth for a house additionally hit a file excessive of $1,281,704, up 7.7 %.
General, the median sale worth is up 24 % within the borough because the prepandemic first quarter of 2020. However are these incremental worth peaks information? Not precisely.
Whereas file costs aren’t a daily incidence, they’re extra common in Brooklyn than in every other market studied by Jonathan Miller, the creator of the Elliman report. “That’s been the story,” Mr. Miller mentioned. “For the final decade, virtually each quarter has seen a high three of all-time median worth for Brooklyn.” Solely eight of these 40 quarters have been exceptions.
What’s fascinating is that in an setting of constantly rising costs, the variety of gross sales can also be rising — up 4.2 % because the first quarter of 2024, in keeping with the report. So the excessive costs and elevated rates of interest now not appear to be thwarting demand. Since Q1 2024, financed gross sales are up about 15 % and all-cash gross sales are down about 8 % in Brooklyn.
It’s stock — on this case, the dearth of it — that finest can predict the way forward for any market, Mr. Miller mentioned: “Stock is considerably insufficient, or we wouldn’t have as many worth data.”
The kind of stock has so much to do with it. Whereas the median sale worth for a brownstone dipped 2 %, from $2.725 million to $2.7 million, there have been much more brownstone gross sales — 114 in Q1 2025, in contrast with solely 70 in Q1 2024. Then again, throughout the identical interval, the median sale worth of new-development condos jumped 27 %, from $982,500 to $1.25 million, regardless that the variety of gross sales fell by 21 %, from 300 to 238.
“For the final decade, Brooklyn has been going by means of this metamorphosis,” mentioned Mr. Miller. “We don’t actually know what it can find yourself being, but it surely doesn’t appear to have a restrict on worth development.”
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