In the first quarter, Brooklyn's median sales price for co-ops and condos increased by 2 percent year-over-year to $840,000, while recorded closings decreased. The average apartment price is approximately $1.12 million, reflecting a 6 percent rise from the previous year. Signed contracts fell by 14 percent, but active listings increased by 12 percent. Limited inventory is contributing to price stability, with high-end deals above $2 million significantly impacting overall pricing, particularly in North Brooklyn.
"Low inventory across many neighborhoods should stabilize prices despite elevated mortgage rates. The shortage of homes for sale is supporting both median and average prices."
"Deals above $2 million continued to do much of the heavy lifting on pricing across the borough. North Brooklyn posted a median price near $1.4 million with a double-digit gain."
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