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rooklyn's Real Estate Pulse: A Quarter of Resilience
In the first quarter of 2025, Brooklyn's real estate market demonstrated its unyielding appeal, with a 7% year-over-year surge in contract signings. This uptick in demand prompted sellers to bring more inventory to the market, marking the fourth consecutive annual increase in active listings – a trend not seen since 2021.
As the borough's allure continues to captivate homebuyers, median prices reached $800,000, their second-highest level ever, with a 7% annual climb. This upward trajectory underscores Brooklyn's reputation as a highly sought-after destination, where resilience and desirability converge.
Key Takeaways:
* Contract signings rose 7% year-over-year to 966, signaling sustained demand.
* New development sales plummeted 31%, while resale condo closings surged 15% to their highest first-quarter number since 2022.
* Fort Greene, Clinton Hill, and Prospect Heights saw an astonishing 80% year-over-year increase in sales, with all product types experiencing growth.
Inventory Levels:
* Active listings jumped 12% annually to 1,579, marking the fourth consecutive year-over-year increase – a feat not achieved since 2021.
* Despite this growth, active listings remained 17% below the ten-year inventory average for the first quarter.
* Listings increased in all price segments except the $350K-$500K range, with the $750K-$1M segment experiencing a 37% year-over-year surge.
Price Dynamics:
* The combination of low supply and robust demand pushed prices higher, with market-wide metrics level with or higher than the previous year for the fourth time in five quarters.
* Median price reached its second-highest level ever at $800,000, up 7% year-over-year.
* A growing share of sales above $2M drove average price to its second-highest point in 2.5 years, rising 3% to $1.050M.
A deeper dive into the report reveals a complex tapestry of trends and statistics, but one thing is clear: Brooklyn's real estate market remains a force to be reckoned with.
