\n<\/p>\n
Brooklyn\u2019s median sales price climbed in the third quarter as buyers competed for fewer listings.<\/p>\n
The median sales price increased 5.4 percent to $1.15 million compared to the third quarter of 2025, according to Douglas Elliman\u2019s<\/a> sales market report with analytics from Marketproof.<\/a><\/p>\n There were fewer deals: sales fell 9 percent annually. \u201cRecorded sales show some of the lagging effects of earlier caution,\u201d the report said. Buyers have been spooked by continued high inflation, rising mortgage rates, and low inventory.<\/p>\n New listings were down 2.9 percent year over year, with inventory concentrated at the lower end of the market: 47.8 percent of listings are priced under $999,000 and another 45.1 percent are in the $1 million to $3 million range, the report said.<\/p>\n Despite \u201celevated mortgage rates and economic uncertainty,\u201d signed contracts expanded in the third quarter, increasing 8 percent year over year, according to Corcoran\u2019s<\/a>\u00a0Brooklyn sales market report. (Contract activity is an early indicator of where sales are headed in the next quarter.)<\/p>\n Some pricing bands saw increases in inventory, as per Corcoran: Entry-level listings under $350,000 jumped 43 percent, and listings from $350,000 to $500,000 rose 25 percent.<\/p>\n With inventory expanding at more accessible price points, \u201cbuyers have greater flexibility than they’ve had in recent years. Still, pricing has remained firm, and homes are spending less time on the market,\u201d said Michael Sorrentino, senior vice president and general sales manager for New York at\u00a0The Corcoran Group. Days on market decreased by two percent annually.<\/p>\n In her firm\u2019s Brooklyn sales market report, Bess Freedman, CEO at Brown Harris Stevens,<\/a> explained why the average apartment price increased 3 percent over the past year to $1,176,072, yet the median sales price saw a decline. Stronger sales of luxury properties skewed the average price, while the median price reflects the market\u2019s midpoint, she explained.<\/p>\n Brownstone Brooklyn neighborhoods Boerum Hill, Brooklyn Heights, Carroll Gardens, Cobble Hill, and DUMBO\u00a0saw an 11 percent year-over-year increase in the average co-op price per room, as per Brown Harris Stevens. And the average price in Park Slope, South Slope, and Windsor Terrace ($1,476,897) was 7 percent higher than the year-ago quarter.<\/p>\n Looking ahead to the fourth quarter, Freedman said, \u201cthe Brooklyn apartment market faces several challenges. Mortgage rates have risen sharply since March and are back over 7 percent. Brooklyn also faces low inventory in many of its neighborhoods. These two factors, along with concerns about the war in Iran, inflation, and the upcoming elections, led to a sharp reduction in signed contracts last quarter.\u201d<\/p>\nStronger fourth quarter expected<\/h2>\n
Average vs. median sales price<\/h2>\n
Demand for houses in Queens<\/h2>\n