Brooklyn Market Overview 2024
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.
Brooklyn
By the Numbers
Apartment Median Price
1 BEDROOM
10.02%
$725,000
2 BEDROOM
1.83%
$1,221,900
3 BEDROOM
2.50%
$2,050,000
4+ BEDROOM
20%
$4,050,000
Apartment Transactions
1 BEDROOM
519
20.14% from 2023
2 BEDROOM
687
-5.4% from 2023
3 BEDROOM
312
-7.4% from 2023
4+ BEDROOM
49
-5.2% from 2023
Brooklyn Townhouses
Median Price by Neighborhood
NEIGHBORHOOD
2017
2018
2019
.
.
2020
2021
2022
2023
% change from prior year
$1.10M
$1.25M
$1.30M
$1.37M
$1.47M
$1.76M
$2.62M
-38%
$3.38M
$3.40M
$3.10M
$2.75M
$2.60M
$3.28M
$3.49M
+.94%
$5.65M
$6.50M
$4.85M
$4.50M
$5.60M
$6.45M
$5.57M
+13%
$2.95M
$3.04M
$2.95M
$2.93M
$2.95M
$3.07M
$2.63M
+29.3%
$2.75M
$2.30M
$2.40M
$2.45M
$2.66M
$3.08M
$2.8M
2024
+10%
$3.70M
$3.60M
$4.39M
$4.30M
$3.45M
$5M
$4.55M
+40%
$1.15M
$1.20M
$1.20M
$1.36M
$1.29M
$1.64M
$1.65M
+6%
$2.55M
$2.75M
$2.63M
$3.15M
$3.19M
$2.88M
$2.32M
+33.4%
.
.
$1.79 M
$2.38M
$1.88M
$1.7M
+12.6%
$2.50M
$2.90M
$2.80M
$3.00M
$3.45M
$3.33M
-7.4%
$2.58M
$2.75M
$2.70M
$2.30M
$2.80M
$3.53M
$3.1M
+7.2%
$1.65M
$1.7M
$1.55M
$1.68M
$1.73M
$2.10M
$2.05M
-9.75%
$1.78M
$1.71M
$1.72M
$1.68M
$1.68M
$2.20M
$1.93M
$1.63
$3.53M
$6.28M
$3.4M
$2.74M
$4.35M
$1.75
$3.1M
$1.92M
$3.19M
$3.32M
$1.9M
$2M