In the third quarter, Brooklyn's housing market thrived with heightened competition and bidding wars, reflected in a median sale price of $975,000—up 4% year-over-year.
Miller noted that while last quarter's figures didn't reach record highs, the proportion of bidding wars was the largest seen in two years, with 25% of sales facing such competition.
Despite a 4% annual decrease in the total number of sales, the luxury segment showed resilience with seven-figure sales increasing by 2%, illustrating the market's ongoing demand.
With the anticipation of the Federal Reserve's interest rate cut, Miller expects a resurgence in transactions, predicting that the fourth quarter could yield another price record in Brooklyn.
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