Brooklyn home prices hovered near record levels in the fourth quarter, with median and average sale prices ticking up modestly to reach the third highest on record. At the same time, the number of sales dipped slightly and inventory expanded, early signs that the market may be beginning to cool, albeit modestly.
The average sale price for all home types climbed 3.8% year over year to $1,306,113, according to a market report from appraisal firm Miller Samuel for Douglas Elliman. The median reached $990,000, up just 0.1% from a year earlier – a slower pace of growth than in previous quarters.
Inventory increased 10.5% compared to last year, while the number of sales slipped 0.4% to 2,271 transactions. Newly constructed condos saw the steepest decline in number of sales, falling 23.1% year over year to 268. By contrast, condo resales rose 21.8% to 400, the largest transaction increase among property types.
Despite fewer sales, new condominiums posted the strongest price growth in the final quarter. Median prices jumped 17.3% year over year to $1,237,500, up from $1.055 million the year before.
Co-op prices saw the second-largest increase, rising 10.4% annually to a median of $499,500. Condo median prices increased 9.1% to $1.090 million, though the price per square foot declined 5.8% to $1,128.
Luxury home prices grew more modestly, with the median rising 3.5% year over year to $3.1 million. However, the threshold to qualify as a luxury sale climbed 5.5% from 2024, reaching $2.425 million.
As for one- to three-family homes, average prices rose 2.6% to 1,479,616 while median prices fell 1.7% year over year to $1.18 million. The average price per square foot for these homes dropped more sharply, down 10.3% to $709.
In northwest Brooklyn, townhouses recorded some of the borough’s biggest price gains. Median prices rose 20.6% to $3.135 million for single-family homes and 19.8% to $3.402 million for two-family properties. Still, the average price per square foot for one- to three-family townhouses declined 6.8% to $1,665.
This story first appeared on Brooklyn Paper’s sister site Brownstoner
