In the first quarter, Brooklyn's real estate market saw both average and median home prices hit record levels, reflecting strong demand. The average sale price rose to $1,281,784âa 7.7% increaseâwhile the median price reached $995,000, up 4.7% year over year. Although inventory expanded by 9.2%, with 2,635 homes available, price per square foot for new developments experienced a notable increase of 15.5%. These figures indicate a resilient market, with continued interest in Brooklyn homes amidst changing supply dynamics.
The report by Miller Samuel reveals that Brooklyn's real estate market remains robust, with both average and median home prices reaching new historical highs despite a rise in available inventory.
A significant 9.2% increase in the number of homes on the market contrasted with record price points for average and median sales, demonstrating ongoing strong demand.
In terms of price, average sale prices rose by 7.7% to $1,281,784, while the median climbed 4.7% to $995,000, marking new peaks.
Average price per square foot for new developments surged by 15.5%, indicating a trend of increasing value in Brooklyn's real estate sector.
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