BROOKLYN MARKET UPDATE
MAY 2025
New York
May 2025 New Signed Contracts
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CO-OP
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Brooklyn
"The market for newly signed contracts declined annually for the first time this year, with condos recording the only overall annual gain. Newly signed contracts exceeding the $2 million threshold outperformed the rest of the market, achieving a modest increase. However, the annual growth rate for new listings above the luxury threshold was higher than that of the overall market."
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Brooklyn (continued)
BROOKLYN MARKET OVERVIEW
CONDO, CO-OP AND SINGLE-FAMILY HOMES
May 2024 vs. May 2025
This period saw 379 contracts signed, slightly up from last year's 362, with the median days on market increasing from 47 to 52.5 days. This indicates a slower market pace. The price per square foot (ppsf) increased slightly to $1,209 from $1,169, suggesting a stable price trend.
The median sale price saw a slight decrease to $861K from $876K in the previous year. However, the ppsf remains relatively steady at $838, compared to last year's $838, indicating consistent value retention.
BROOKLYN CONDO
NEW AND RESALE CONDOS Date Range
May 2024 vs. May 2025
Condos had 202 contracts signed, almost identical to 201 last year, with days on market steady at around 53 days. The ppsf saw a moderate rise to $1,292 from $1,279, reflecting a slight increase in condo values.
The median price for condos increased to $1.1M from $1.07M, but the ppsf dipped slightly to $1,118 from $1,146, suggesting a variation in condo size or a shift in buying patterns.
BROOKLYN CO-OP
Date Range
May 2024 vs. May 2025
Co-op sales increased notably to 144 from 112 contracts, with a days on market lengthening from 36 to 43 days. However, the ppsf decreased to $703 from $782, indicating more competitively priced co-ops.
The median sale price for co-ops slightly rose to $460K from $448K, with the ppsf also increasing to $483 from $445, reflecting stronger pricing in the recorded sales.
BROOKLYN SINGLE-FAMILY
TOWNHOUSES AND DETACHED SINGLE-FAMILY HOMES
Single-family home sales declined considerably with only 33 contracts signed compared to 48 last year, while the market slowed with days on market rising from 48 to 86 days. The ppsf increased significantly to $782 from $669, suggesting higher price points.
The median price dropped to $880K from $950K, but the ppsf rose to $614 from $569, showing that while fewer single-family homes are selling, they're commanding more per square foot.
BROOKLYN MONTHLY REAL ESTATE MARKET SNAPSHOT
The Brooklyn property market in May 2025 demonstrates varied dynamics across different market types, reflecting both growth and contractions in key segments
Marketwide Overview
Contracts signed surged by 13.16%, indicating strong buyer interest However, average price per square foot (PPSF) dipped slightly by 2.22%, and overall average price fell by 2 90% Meanwhile, new listings saw a decline of 6.63%.
New Development
The new development sector experienced a marginal increase in contracts signed of 1 25%, while recorded sales rose by 1.59%. Nevertheless, the average PPSF fell by 0 93%, and a significant drop of 12 90% in new listings was noted.
Luxury ($4M+)
Luxury market was marked by a decrease in contracts signed (16 67%) and a significant 41 38% decline in new listings Yet, average prices rose by 6 73%, showing increased value in available premium listings
Resale Condo
This segment saw a notable increase in contracts signed by 22 77%, and the average price surged by 40 87%, despite a decrease in listings, which fell by 22 85% It indicates a strong buyer preference for resale condos
Resale Co-op
Resale co-ops exhibited an uptick in contracts signed (16.53%) and recorded sales increased by 6.45%. Nevertheless, average PPSF dropped by 4 12%, signifying potential price corrections or buyer negotiations.
Single-Family
Single-family homes recorded a robust 43 48% rise in contracts signed. Average prices, however, saw a decrease of 22 22%, indicating a buyer’s market with more negotiable pricing.
Multi-Family
Multi-family contracts signed declined slightly by 4%, but the average price increased by 6 48%, suggesting competitive demand in a limited inventory scenario
Overall, while there are segments showing robust contract and sales activity, pricing trends reflect buyer negotiation leverage in several sectors
Data by | 6/4/2025
BROOKLYN NEW DEVELOPMENT
Date Range May 2024 vs. May 2025
2,844
Total New Units
In Brooklyn, the current period saw 81 new development contracts signed, experiencing a decrease from 93 in the prior year, while the average days on market (DOM) data remain steady, suggesting quick buyer decisions.
The unsold inventory in Brooklyn new developments remains considerable with 2,844 units and 470 buildings, while only 540 units are actively on the market, indicating a potential backlog or strategic withholding of units.
CLOSINGS
Median sale prices for recorded sold properties increased to $1 46M from $1 13M last year, although the price per square foot (PPSF) decreased from $1,387 to $1,186, hinting at larger unit sales or price adjustments
$4M+ PROPERTIES
Date Range May 2024 vs. May 2025
In May 2025, luxury contract signings in Brooklyn remained flat year-over-year at 15, but the market slowed significantly as the median days on market increased from 28 to 80.
BROOKLYN
$4M - $10M LUXURY MARKET - $4M TO $10M PROPERTIES
Range May 2024 vs. May 2025
Contract signings in the $4M to $10M Brooklyn market rose slightly to 14, with a notable increase in median days on market from 30 in May 2024 to 77 in May 2025.
LUXURY MARKET - $10M+ PROPERTIES
May 2024 vs. May 2025
For properties over $10M, contracts signed decreased dramatically from 3 to 1, with a sharp increase in DOM from 22 days to 159.
In the $10M+ segment, median prices slightly declined from $12.5M to $12.135M, but price per square foot rose significantly from $2,233 to $3,685.
Date Range
May 2024 vs. May 2025
In Brooklyn's condo market, contract activity remains stable with 203 deals signed in May 2025 similar to May 2024, with properties consistently staying on the market for a median of 53 days.
Median condo prices increased to $1.1M from $1.07M a year ago, although the price per square foot slightly declined.
BROOKLYN STUDIOS
CONDO MARKET - STUDIOS Date Range
May 2024 vs. May 2025
Studio contracts rose slightly with 9 deals in May 2025 compared to 7 in May 2024, and selling faster with a median of 40 days on the market compared to 84 days last year.
ONE BEDROOMS
CONDO MARKET - 1 BEDROOMS Date Range May 2024 vs. May 2025
One-bedroom contracts decreased to 59 in May 2025 from 68 in May 2024, with these units selling faster, reflecting a median days on market of 49.
Sales prices for one-bedroom condos dropped to $688K from $877K, alongside a decrease in the price per square foot.
TWO BEDROOMS
CONDO MARKET - 2 BEDROOMS Date Range May 2024 vs. May 2025
Two-bedroom contract activity remained stable with 88 agreements signed, similar to 87 last year, with slightly increased marketing time to 51 days.
Median sales prices for two-bedrooms declined to $1.2M, compared to $1.29M last year, with a slight decrease in the price per square foot.
CONDO MARKET - 3 BEDROOMS Date Range May 2024 vs. May 2025
Three-bedroom contracts increased with 43 agreements compared to 36 last year, although with longer market exposure of a median 62 days.
Three-bedroom units saw prices rise to $2M from $1.81M, with a notable increase in price per square foot.
CONDO MARKET - 4 BEDROOMS
2024 vs. May 2025
The four-bedroom market saw an unchanged 4 contracts signed, but with longer median days on market at 98.5 compared to 65.5 last year.
MARKET REPORT
May 2024 vs. May 2025
In Brooklyn's co-op market, contracts signed have increased with 144 deals this year compared to 112 last year, but the median days on market rose from 36 to 43, indicating a more deliberate decision-making process by buyers.
The median price for recorded co-op sales slightly increased from $447.5K last year to $460K, with the price per square foot also climbing from $445 to $483, showing a solid upward pricing trend.
BROOKLYN STUDIOS
CO-OP MARKET - STUDIOS
Range May 2024 vs. May 2025
Studio contracts surged from 10 to 17, while the median DOM went up from 47 to 61, reflecting both heightened demand and slower decision-making.
Studio sale prices jumped from $189.5K to $270K, with a PPSF increase from $411 to $522, highlighting a rise in value perception among buyers.
ONE BEDROOMS
CO-OP MARKET - 1 BEDROOMS
2024 vs. May 2025
One-bedroom contracts rose from 42 to 59, and the median DOM increased slighty from 37 to 43, suggesting consistent buyer interest but extended negotiations.
Prices rose from $385K to $418.75K, with a PPSF increase from $432 to $471, indicating steady appreciation.
TWO BEDROOMS
CO-OP MARKET - 2 BEDROOMS Date
May 2024 vs. May 2025
Two-bedroom contracts increased modestly from 44 to 50, and median DOM also extended from 33 to 42 days, hinting at strong demand tempered by cautious buyer evaluation.
Notable price growth from $492.5K to $590K, alongside a PPSF jump from $442 to $496, underscores robust demand and price escalation.
CO-OP MARKET - 3 BEDROOMS
2024 vs. May 2025
Three-bedroom contracts saw a minor dip from 15 to 14, with DOM stable at around 38 days, signaling a steady market activity.
Despite a price fallback from $1.205M to $1.1425M, the PPSF increased significantly from $676 to $788, suggesting buyers are prioritizing quality over quantity.
CO-OP MARKET - 4 BEDROOMS
2024 vs. May 2025
Contracts signed for four-bedroom coops rose from 1 to 4, but with a high DOM of 149, indicating unique market dynamics with prolonged negotiation periods.
The median price dropped dramatically from $6.51M to $643.5K, with PPSF falling from $1,808 to $455, reflecting vast shifts in the type or volume of recorded sales.
MARKET REPORT
TOWNHOUSE AND SINGLE-FAMILY HOMES
May 2024 vs. May 2025
In the current period, townhouse contracts signed in Brooklyn saw a decrease to 81 from 93 in the prior year, while the median days on market increased significantly from 51 to 86 days, pointing to a slower market pace.
Townhouses recorded a slight increase in median sales price from $1.1M to $1,109,000, with price per square foot rising from $541.94 to $596.43, indicating appreciating property values.
LUXURY MARKET REPORT
ANIL JINTOORKAR
LICENSED ASSOCIATE REAL ESTATE BROKER
Douglas Elliman Real Estate
575 Madison Ave, New York, NY, 10022 516 669 5615
anil jintoorkar@elliman com
LUXURY MARKET REPORT
LUXURY SECTOR LIQUIDITY
LUXURY MARKET REPORT
Negotiability at the time of the deal
Median Listing Discount from Original Ask at the time of Contract Signing.
Closed sales Recent months have lower volume until sales are recorded
Price it right, Sell it fast
Listing Discount from original ask based on days on market
Includes data from recorded sales with contracts signed in the last 6 months
THE GOTHAM GUIDE
Inventory Increases
Over 2,000 new listings were added to the market for the 2nd straight month. The net change over this 2 month period was an increase of almost 1,000 new properties Market demand declined nominally but remained at a high level. The market liquidity remains in 'HOT' territory while the listing climate index took a sharp step backwards Of note, the overall days on market declined dramatically, demonstrating sales happening at a quicker pace.
Listing Climate Index
Ratio of Contracts Signed vs. Listings Going Off Market 2.13 -24 5% from last month 6 0% from last year
April had 1089 Contracts signed -2 3% from last month 13 4% from last year
Building Age Property Type Price Point Demand Matrix Market Demand Across Key Market Segments
Market Liquidity
Listing Discount Schedule
THE GOTHAM GUIDE
Inventory Increases
Brooklyn experienced the same two month supply level increase. Over 2,000 total properties came on the market, during this period, yielding a net supply increase of over 400 new properties Market demand increased in Brooklyn by 6.3% over the last 30 days and the market climate index remained at a high level. The overall Days on Market declined for the third straight month, moving to an average of 43 days which is the lowest point in over a year.
Demand Matrix
Market Demand Across Key Market Segments
April had 625 Contracts signed 6 3% from last month 4 3% from last year
Building Age Property Type Price Point
Listing Climate Index
Ratio of Contracts Signed vs. Listings Going Off Market 2.54 -9 3% from last month 1 2% from last year
Market Liquidity
Listing Discount Schedule
THE GOTHAM GUIDE
Price Per Square Foot Trend Analysis
Closed sale price indices remained flat month over month in April: in Manha an and Brooklyn the Median $/sf for condominiums and Median Sales Price for all properties changes by less than 1%. Leading indicators were negative in both boroughs: Median last asking price/sf dropped by 3 6% in Manha an and 3 9% in Brooklyn These declines do represent a reversal of the trend established over the last several months and are not conrsidered to be statistically significant.
Manhattan
CONTRACT PPSF TREND ANALYSIS
Brooklyn
CONTRACT PPSF TREND ANALYSIS
Median Closed PPSF by CS Date Median Last Asking PPSF in Contract
Median Closed PPSF by CS Date Median Last Asking PPSF in Contract