Across the East River, deal prices are reaching new heights, and the competition for homes is fierce.
Brooklyn’s median and average sale prices hit all-time highs in the first quarter, according to Miller Samuel’s report on condos, co-ops and one- to three- family homes for Douglas Elliman. The records came as sales in the borough continued to climb, as the number of homes on the market remained slightly below the decade average.
“The market is lean,” said report author Jonathan Miller. “Part of the reason we’re seeing that is because listing inventory is still on the low side.”
Inventory is tight, but listings still rose 9 percent year-over-year last quarter. The uptick from 2,400 to 2,600 marked the fourth consecutive annual increase.
In Brooklyn, “inventory isn’t as low as it is in the suburbs of New York, but there’s no excess supply,” Miller said.
Among the homes to hit the market last quarter was Amy Schumer’s historic townhouse at 19 Cranberry Street, asking $14 million. Schumer bought the five-bedroom home — known as a backdrop in the movie “Moonstruck” — just three years ago.
Bidding wars for homes in the borough have been “steadily straddling” 20 percent over the last few periods — a consequence of low inventory and likely a contributor to rising prices. Last quarter, one in five homes sold for more than the last asking price.
The median sale price hit $995,000 last quarter, a 5 percent uptick from $950,000 reported in the same period last year. The average sale price was just under $1.3 million, up 8 percent from $1.2 million in 2024.
Transactions rose 4 percent year-over-year, up from 2,200 to 2,300 — a more modest uptick than in Manhattan, where closed sales increased 29 percent in the first quarter.
Miller chalked the discrepancy up to a higher rate of growth in Brooklyn over the last couple of years that set new precedents in the borough, outpacing that of Manhattan. He added that the larger shifts in Manhattan’s numbers were a sign the borough was catching up to its long-term norms.
“Brooklyn has, for the last decade, seen the most sales and price growth among the boroughs,” Miller said. “There’s more potential upside because it’s not clear what it’s going to look like in 10 years, whereas Manhattan is staying the course.”
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