In the first quarter, Brooklyn's real estate market saw a significant rise in the average and median sale prices, hitting record highs despite a 9.2% increase in inventory. The average sale price rose 7.7% year over year to $1,281,784, while the median sale price improved by 4.7% to $995,000. Strong demand for new construction was evident with the price per square foot for new developments rising by 15.5%. North Brooklyn, in particular, experienced a dramatic 19.6% leap in average price per square foot, indicating robust market activity.
The average sale price for all types of homes sold in the quarter increased 7.7 percent year over year to $1,281,784, a record for Brooklyn.
The median sale price reached $995,000, marking a 4.7 percent increase compared to the same period last year, setting another record.
In north Brooklyn, the average price per square foot leapt 19.6 percent to $1,367 year over year, reflecting strong market demand.
Despite a 9.2 percent increase in inventory, continued strong demand maintained high average and median sale prices throughout the borough.
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