Brooklyn home prices rise to new record, inventory holds steady

Home prices in Brooklyn have reached a new high yet again, but only slightly above where prices were sitting at the same time last year, second quarter reports show.

Median home prices climbed 0.5% to $995,000 in the quarter compared to the same period a year earlier when prices were at $990,000, according to Miller Samuel’s report for Douglas Elliman. The average sale price hit $1,323,118, an increase of 5.1% during the same period. The number of sales recorded was roughly the same as in 2024, as was the inventory amount, both up just 0.5%, to 2,428 and 3,363, respectively.

Jonathan Miller of Miller Samuel for Douglas Elliman said the report showed not much change in the Brooklyn market, with inventory and bidding wars at much the same levels as last year.

“So it’s still sort of business as usual, it remains tight on supply and there’s a lot of price pressure,” he said, adding Brooklyn has morphed into a high price market.

One- to three-family houses across the borough saw the biggest overall price hike, with the median up 9.1% on last year to $1.2 million. The average price per square foot of one- to three-family houses rose 10.8% year over year to $829. Co-ops held relatively steady with the median price rising from $515,000 in 2024 to $520,000 this year, while the number of sales climbed 10.4% to 508.

Supply has remained consistent, driving up prices. Photo by Susan De Vries

Condos, on the other hand, saw a drop in the median sales price, falling 3.7% to $1.045 million compared to $1.085 million during the same period the year before. The average price per square foot dipped 4.2% to $1,131 from $1,181 in the second quarter of 2024. New condos also saw a drop in value in average price per square foot, falling 12% to $1,070 from $1,216 in 2024.

Notably, the price per square foot for one- to three-family houses in northwest Brooklyn jumped 9.1% to $2,218 in the year. Sales numbered 105.

East Brooklyn also saw a significant increase in prices, with the median sales price for all kinds of homes crossing the million dollar mark to $1.03 million from $925,000, a gain of 11.4% during the year.

In Williamsburg and Greenpoint, median sales prices climbed in the single digits – up 3.7% to $1.49 million, while the number of sales ebbed to 240 in the quarter, almost 19% less than in 2024.

As for the future, “I would think that Brooklyn continues to see modest price growth, modest inventory growth, and flat to rising sales growth over the balance of the year, bar an unusual economic event,” Miller said.