Brooklyn’s median sale price reached a record high of $995,000 during the first quarter of 2025, a year-over-year uptick of 4.7 percent, according to Douglas Elliman’s most recent market report. The average price for a home also hit a record high of $1,281,704, up 7.7 percent.
Overall, the median sale price is up 24 percent in the borough since the prepandemic first quarter of 2020. But are these incremental price peaks news? Not exactly.
While record prices are not a regular occurrence, they are more regular in Brooklyn than in any other market studied by Jonathan Miller, the author of the Elliman report. “That’s been the story,” Mr. Miller said. “For the last decade, almost every quarter has seen a top three of all-time median price for Brooklyn.” Only eight of those 40 quarters have been exceptions.
What is interesting is that in an environment of consistently rising prices, the number of sales is also increasing — up 4.2 percent since the first quarter of 2024, according to the report. So the high prices and elevated interest rates no longer seem to be thwarting demand. Since Q1 2024, financed sales are up about 15 percent and all-cash sales are down about 8 percent in Brooklyn.
It is inventory — in this case, the dearth of it — that best can predict the future of any market, Mr. Miller said: “Inventory is significantly inadequate, or we wouldn’t have as many price records.”
The type of inventory has a lot to do with it. While the median sale price for a brownstone dipped 2 percent, from $2.725 million to $2.7 million, there were a lot more brownstone sales — 114 in Q1 2025, compared with only 70 in Q1 2024. On the other hand, during the same period, the median sale price of new-development condos jumped 27 percent, from $982,500 to $1.25 million, even though the number of sales fell by 21 percent, from 300 to 238.
“For the last decade, Brooklyn has been going through this metamorphosis,” said Mr. Miller. “We don’t really know what it will end up being, but it doesn’t seem to have a limit on price growth.”
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