Average and median sales prices in Brooklyn rose annually to the third highest ever, according to the latest edition of the Elliman Report for co-ops, condos, and one- to three-family homes in Brooklyn and Queens. The median sales price in Brooklyn increased 0.1 percent to $990,000 compared to the fourth quarter of 2024. (In the third quarter, the median sales price in Brooklyn exceeded the $1 million mark for the first time.)
Listings in Brooklyn fell by a nominal amount (0.4 percent) in the fourth quarter, while listings rose 10.4 percent.
Thanks to a decline in mortgage rates at the end of the year, transactions in Brooklyn, which rely on financing, gained more market share. Transactions involving cash buyers fell to four in 10 sales, according to the Elliman Report.
Queens’ average price hits record
The average sales price in Queens rose to an all-time high in the fourth quarter, rising 5.6 percent to $739,053. The number of deals rose 4.2 percent, the first annual increase in five quarters.
The number of listings has been declining for more than two years and fell by as much as 27.1 percent in the fourth quarter, according to the Elliman Report.
‘Strongest fourth quarter in three years’
Corcoran also published a report on the Brooklyn sales market for the fourth quarter, highlighting the increase in transactions and prices in the borough despite restrictions on listings.
The Brooklyn sales market had its “strongest fourth quarter in three years,” said Michael Sorrentino, senior vice president and general sales manager at The Corcoran Group. Prices rose across all segments, with new developments hitting record highs and co-ops seeing increased activity as buyers looked for more affordable options, he said.
The report attributes price increases to a slightly higher proportion of new development sales and shrinking sales at the lower end of the market compared to last year.
Inventory fell for listings above $750,000; Homes priced above $2 million saw the largest annual decline in listings, the report said
Ending the year on a strong note
In her company’s fourth-quarter sales market reports for Brooklyn and Queens, Bess Freedman, CEO of Brown Harris Stevens, noted that Brooklyn’s condo and co-op market finished the year strong with higher sales and prices year over year.
“While there remains uncertainty about the housing market, especially a new mayor and a slowing labor market, there are reasons for optimism. Mortgage rates fell sharply in the second half of 2025 and are expected to decline further in 2026. While employment has been weak recently, unemployment remains relatively low. New York City’s economy has outperformed the nation’s over the past two years and is expected to do so again in 2026,” she wrote.
Fewer listings drive asking prices higher
In its fourth quarter sales market report for Brooklyn says Compass highlighted an increase in condo closings and analyzed how condo deals were faring in different regions in Brooklyn. The neighborhoods of Greenpoint, Williamsburg, Clinton Hill and Cobble Hill held nearly 60 percent of the total apartment market share.
The luxury segment stagnated, with sales of condos above $3 million falling 21.3 percent, “suggesting that high-end buyers are operating with limited supply and exercising greater caution amid broader economic uncertainty,” the report said.
Compass’s Queens sales market report said less active listings for condos and co-ops helped push asking prices higher.
“Co-op availability remained severely limited at all price levels, limiting buyer activity while housing inventory of $1 million and above increased,” the report said.
Sales of new developments slowed down
Coury Napier, research director at SERGEANT, noted in his company’s report on Brooklyn’s new development market for the fourth quarter that revenue reflected contracts signed earlier in the year.
“Activity slowed toward the end of the year. The number of signed contracts declined as limited inventory and high prices limited buyer activity,” he wrote.
An increase in the average sales price for new construction projects was driven by the closure of waterfront projects in Greenpoint and Williamsburg, he said.
#average #price #Brooklyn #rose #fourth #quarter #highest #record