Following our Q3 2024 Brooklyn Market Update, where we analyzed rising buyer engagement and the impact of shifting inventory trends, the Q4 2024 update further explores Brooklyn’s evolving real estate landscape. Despite seasonal slowdowns, the borough demonstrated continued resilience, with increasing sales activity and price growth in key segments.
Market Overview
Brooklyn’s real estate market remained competitive in Q4, with buyers demonstrating increased confidence despite ongoing affordability concerns. Houses continued to dominate transactions, while condos saw an increase in both sales and inventory. The co-op market, however, faced headwinds due to limited new listings.
Key Q4 2024 Metrics:
- Total Sales Volume: $2.29 billion, up 7.7% YoY
- Median Sales Price: $995,000, up 5.1% YoY
- Average PPSF: $880, reflecting a 3.6% increase YoY
- Contracts Signed: 1,560, up 6.6% YoY and 6.1% from Q3
- Inventory: 2,863 active listings, down 4% YoY
Strong Sales Momentum Despite Seasonal Slowdown
Brooklyn closed 2024 on a strong note, with a 7.7% YoY increase in total sales. While sales volume dipped 10.3% from Q3, this was expected due to seasonal patterns. The median sales price reached $995,000, reflecting continued demand, particularly for houses and condos in desirable neighborhoods.
Condo and House Sales Lead the Market
Condo transactions grew 7.3% YoY, with 678 closings in Q4. The average condo price climbed to $1.35 million, while inventory actually rose 16.3% YoY, contributing to the higher transaction volume. House sales represented 51.4% of all transactions, underscoring the borough’s strong demand for larger living spaces.
Inventory Challenges Impact Co-op Market
The co-op market lagged behind, with a 25.8% decline in active listings YoY, resulting in a significant drop in contract activity. While the median co-op price increased to $450,000, overall transaction volume remained lower than other property types, following the city-wide trend.
Key Submarket Insights
- South Brooklyn captured 33.5% of all contracts signed, correlating with increased house purchases.
- Northwest Brooklyn accounted for 32.2% of total market share, with strong demand for condos and brownstones.
- Luxury segment ($2M-$3M+) saw an increase in both inventory and transaction volume.
Looking Ahead to 2025
As Brooklyn enters 2025, buyer confidence is expected to remain strong, especially in the house and condo segments. With a 6.6% increase in signed contracts, early indicators suggest a promising start to Q1. However, limited inventory in the co-op sector could continue to affect sales growth in that category.
For a deeper dive into last quarter’s trends, read our Q3 2024 report here. Stay tuned for our Q1 2025 analysis as we continue tracking Brooklyn’s dynamic real estate market.
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