A comprehensive, neighborhood-by-neighborhood Brooklyn market analysis presented by The Ryan + Ryan Team at Compass
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With over 50 years of combined experience and $1B in closed transactions, Libby, Maria, Luther, and Joe have a proven track record in Brooklyn real estate. The team has broken condo and coop sales records in Park Slope and brownstone sales records in Bed Stuy and Fort Greene. The Wall Street Journal's Real Trends named The Ryan + Ryan Team the #2 Small Team in Brooklyn and Top 50 in New York State.
The Ryan + Ryan Team is known among clients and peers alike for their sharp negotiation, refined taste, deep professionalism, and good humor. A multi-generational, fully integrated team from backgrounds ranging in finance and law, the members of The Ryan + Ryan Team are full-time real estate professionals with expertise in, and deep affection for, the diverse sprawl of Brooklyn communities.
Brooklyn Market Overview
2024 - It was a Very Good (Real Estate) Year. The Ryan It was a Very Good (Real Estate) Year
The Ryan Report is our annual look back, in detail, at what happened in real estate in our beloved neighborhoods. We encourage you to look up your neighborhood's performance and others that might interest you (found here and on our website). Some of our conclusions:
The townhouse market held its own with an overall slight increase in median price. The biggest problem? Buyers are still coming to accept higher mortgage rates, and sellers are still adjusting to the slower price growth as a result. Nevertheless, brownstone Brooklyn saw a significant bounce back from a lackluster 2023.
The "tale of two markets" accelerated in 2024. Our Manhattan colleagues struggled on every measure in comparison with Brooklyn. Manhattan listings had more empty open houses, longer days on the market, and greater discounts from asking prices. Brooklyn is the first choice of buyers, and the statistics show that trend.
The luxury market outperformed in all categories. A few highlights:
The penthouse at 1 Grand Army Plaza sold for a record-breaking price, and we were beyond proud to have repped the seller!
There were 9 townhouse sales over $10 million in 2024 - wow!
The market for 3-family townhouses improved this year, partly because buyers planned to convert them to 1-family use and partly because of robust developer demand.
On the subject of developers, this category of buyer was super active in 2024 and actually engaged in competitive bidding for well-located properties. Clearly, the sources of money to fund development have not dried up; instead, they have increased, even with higher rates.
The apartment market saw a diverse performance, with price stabilization for larger units, a surge in demand for one-bedroom apartments, and significant price growth in the luxury four-bedroom-plus segment, driven by a combination of factors including first-time homebuyer activity, a preference for larger spaces, and strong sales in new developments.
We could go on and on about brownstone Brooklyn, our favorite subject. This report is chock full of information, and we hope it will be of value to you. As always, we are here to chat about anything related to your home and would welcome a call or a coffee date. All the best in 2025.