Median Asking Price Tops $1 Million In Brooklyn, Up 15%: Study

BROOKLYN, NY — Despite an increase in asking price, Brooklyn homes still flew off the market in October.

The median asking price for a Brooklyn home hit $1.095 million in October, a 15.3 percent increase over the same period last year, according to a new report from StreetEasy.

But the increase did not deter many buyers — 511 homes entered contract in Brooklyn in October, a 19 percent increase over September.

Sales were still down compared to last year, and the borough's housing stock still sat far below pre-pandemic availability. But the low availability spelled profit for sellers, who received 98.4 percent of their asking prices in October.

Brooklyn's waterfront proved the most popular in October, with 27 sales in Williamsburg, 15 in Greenpoint and 14 in DUMBO — representing over 30 percent of the borough's condo sales.

For renters, Brooklyn is also looking quite pricey. The average rent in the borough sat at $3,350 a month in July, even with the average apartment size sitting at 650 square feet, according to Rent Cafe.

Greenpoint was home to the borough's most expensive rent, with average rental prices sitting at $4,847 per month.

In Manhattan, the median asking price did not budge from $1.595 million in October, reflecting a 6.7 percent increase over 2022. Mortgage rates have also hit their highest level in 20 years at 8 percent.

Read the full StreetEasy study here.