Is Northwestern Brooklyn, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Northwestern Brooklyn has remained a Buyer's Market.
Key Takeaway
Northwestern Brooklyn is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Northwestern Brooklyn, NY
How much do homes in Northwestern Brooklyn, NY cost?
Median Sold Price
$1,457,000
$1,337/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Northwestern Brooklyn have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in Northwestern Brooklyn was $1,457,000 in May 2024, up 7.3% from last year, and the median price per square foot was $1,337.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $800.6K | $807.5K | +0.9% |
| 2 Bedrooms | $1.3M | $1.4M | +2.2% |
| 3 Bedrooms | $2.3M | $2.4M | +4.3% |
| 4 Bedrooms | $4.1M | $4.4M | +7.6% |
| 5+ Bedrooms | $4.0M | $4.9M | +24.9% |
Summary: Northwestern Brooklyn housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.9%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes increased by 24.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Fort Greene | $1.3M | $1.5M | +11.9% |
| Downtown Brooklyn | $1.3M | $1.4M | +9.5% |
| Northwestern Brooklyn | $1.3M | $1.4M | +7.3% |
Housing Supply in Northwestern Brooklyn, NY
How many homes are available in Northwestern Brooklyn, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 492 | 448 | -8.9% |
Summary: The Northwestern Brooklyn real estate market had 448 homes for sale in May 2024, a 8.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 139 | 132 | -5.0% |
| 2 Bedrooms | 167 | 147 | -12.0% |
| 3 Bedrooms | 105 | 84 | -20.0% |
| 4 Bedrooms | 30 | 34 | +13.3% |
| 5+ Bedrooms | 51 | 51 | 0.0% |
Summary: The Northwestern Brooklyn housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5%, 2 bedroom homes decreased by 12%, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 54 | 53 | -1.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
50 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwestern Brooklyn, expect to pay close to the asking price. 94.3% of homes here sold near the asking price last month.
Summary: A total of 53 homes were sold or pending in Northwestern Brooklyn in May 2024, down by 1.9% month-over-month. Of the 53 sold homes, 2% were sold under asking, 94% were sold at asking, and 4% were sold over asking.
Days on Market for Northwestern Brooklyn, NY
How long does it take to sell a home in Northwestern Brooklyn, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 101 Days | +396.7% |
Summary: Homes in Northwestern Brooklyn had an average of 101 days on market in May 2024, up by 396.7% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Northwestern Brooklyn are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 53 homes were sold in Northwestern Brooklyn; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
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