Brownstone Brooklyn Market Report 4Q24
Dear Reader,
Brooklyn’s residential market in Q4 2024 displayed mixed trends, the main difference being between the condominium and townhome markets. The condominium market experienced growth in average sales price and price per square foot on an annual basis, but showed quarterly declines in price per square foot. The condominium market also saw a decrease in transaction volume on a quarterly and year-over-year basis.
The townhome sector experienced yearly gains in price metrics, which was in contrast to quarterly comparisons. Townhome transaction volumes fell on a quarterly and annual basis. These patterns show the market continues to evolve, reflecting a shift in demand and pricing trends.
Townhouses
Over $432MM worth of 1- to 4-family townhouses traded hands in 4Q24, compared to $662MM in 3Q24, a decrease of $230MM, or 34.72%. Looking at the year-to-year trends, gross transaction volume slightly decreased by 0.45% or $2MM in 4Q24 from 4Q23. The average sales price increased by 10.82% in 4Q24 to $2.72MM, up from $2.46MM in 4Q23. A market-wide overview and notable transactions appear on page 12 of this report.
Condominiums
Approximately $365MM worth of condominiums sold in 4Q24, compared to nearly $517MM in 4Q23, representing a decrease of $152MM, or 29.38%. The 4Q24 average sale price increased by 3.79% compared to 4Q23, from $1.64MM to $1.70MM. The number of transactions decreased by 31.96% compared to 4Q23 and by 47.56% compared to 3Q24. A market-wide overview and other notable condominium transactions appear on page 13 of this report.
Weekly Brooklyn Luxury Market Report
In addition to this quarterly closed sales report, we track New to Market listings and In Contract deals on a weekly basis. Follow me on Instagram @donaldbrennan.trustedadvisor where I post this weekly report, along with other useful market observations and our exclusive listings. We also discuss these proprietary reports on our How’s The Market? video series, which is hosted on our Engel & Völkers Brownstone Brooklyn YouTube channel.
If you have a question about this report or if you need help understanding the value of your specific real estate holding, please don’t hesitate to contact me directly. My insights and advice are always complimentary.
Best regards,
Donald P. Brennan, Jr.
License Partner | Real Estate Broker | Global Advisor
Engel & Völkers Brownstone Brooklyn
Engel & Völkers North Fork
Cell: 917-568-6525 | Email: donald.brennan@evrealestate.com
Engel & Völkers Brownstone Brooklyn 45 Main Street, Suite 824
Brooklyn, NY 11201
Office Phone: (718) 643-6312
Email: BrownstoneBrooklyn@EVRealEstate.com
Web: BrownstoneBrooklyn.evrealestate.com
Firm Instagram: @EVBrownstoneBrooklyn
Engel&Völkers North Fork
27980 Main Road, Route 25
Cutchogue, NY 11935
Office Phone: (631) 298-7953
Email: NorthFork@engelvoelkers.com
Web: NorthFork.EVRealEstate.com
Firm Instagram: @EVNorthFork
BROWNSTONE BROOKLYN
Townhouse Summary
The Brooklyn townhouse market saw 159 transactions closed during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $962 PSF and $2,707,252 gross.
1 to 4 Family Townhouses
AVERAGE SALES PRICE THIS QUARTER $2.72MM AVERAGE PPSF THIS QUARTER $972
Condo Summary
The Brooklyn condo market saw 215 transactions closed during the 4th quarter. The average sales price increased and average PPSF decreased. The fourquarter trailing average is $1,443 PSF and $1,675,820 gross.
Condominium Units
NUMBER OF SALES THIS QUARTER 159
AVERAGE SALES PRICE THIS QUARTER $1.70MM AVERAGE PPSF THIS QUARTER $1,439
NUMBER OF SALES THIS QUARTER 215
BROOKLYN HEIGHTS
Townhouse Summary
6 transactions closed in Brooklyn Heights during the 4th quarter. The average sales price increased and average PPSF decreased. The four-quarter trailing average is $1,567 PSF and $6,384,545 gross.
1 to 4 Family Townhouses
$1,362
Condo Summary
7 transactions closed in Brooklyn Heights during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,754 PSF and $3,041,321 gross.
Condominium Units
$1,776
NUMBER OF SALES THIS QUARTER 6 AVERAGE SALES PRICE THIS QUARTER $2.77MM AVERAGE PPSF
NUMBER OF SALES THIS QUARTER 7
COBBLE HILL
Townhouse Summary
10 transactions closed in Cobble Hill during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,514 PSF and $4,969,990 gross.
1 to 4 Family Townhouses
Condo Summary
8 transactions closed in Cobble Hill during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,460 PSF and $1,999,033 gross.
AVERAGE SALES PRICE DECREASE QUARTER OVER QUARTER 1.81% AVERAGE SALES PRICE THIS QUARTER $3.99MM AVERAGE SALES PRICE THIS QUARTER $4.94MM AVERAGE PPSF THIS QUARTER $1,469 NUMBER OF SALES THIS QUARTER 10 AVERAGE SALES PRICE THIS QUARTER $1.65MM
Condominium Units
CARROLL GARDENS
Townhouse Summary
7 transactions closed in Carroll Gardens during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,263 PSF and $4,096,137 gross.
1 to 4 Family Townhouses
Condo Summary
10 transactions closed in Carroll Gardens during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,509 PSF and $2,029,531 gross.
Condominium Units
AVERAGE PPSF THIS QUARTER $1,624 AVERAGE PPSF THIS QUARTER $1,243 AVERAGE SALES PRICE THIS QUARTER $3.88MM AVERAGE PPSF THIS QUARTER $1,144
NUMBER OF
NUMBER OF SALES THIS QUARTER 7 AVERAGE SALES PRICE THIS QUARTER $2.37MM AVERAGE PPSF THIS QUARTER $1,552
THIS QUARTER 10
COLUMBIA STREET WATERFRONT DISTRICT
Townhouse Summary
1 transactions closed in Columbia St Wd during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $995 PSF and $2,716,667 gross.
1 to 4 Family Townhouses
NUMBER
Condo Summary
5 transactions closed in Columbia St Wd during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,202 PSF and $1,279,721 gross.
Condominium Units
SALES THIS QUARTER 1 AVERAGE SALES PRICE THIS QUARTER $1.12MM AVERAGE PPSF THIS QUARTER $1,194
NUMBER OF SALES THIS QUARTER 5
BOERUM HILL
Townhouse Summary
3 transactions closed in Boerum Hill during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,419 PSF and $4,166,732 gross.
1 to 4 Family Townhouses
THIS QUARTER $3.30MM AVERAGE PPSF THIS QUARTER $1,189
Condo Summary
2 transactions closed in Boerum Hill during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,443 PSF and $1,946,107 gross.
Condominium Units
$1,580
NUMBER OF SALES THIS QUARTER 3 AVERAGE SALES PRICE THIS QUARTER $2.20MM AVERAGE PPSF THIS
NUMBER OF SALES THIS QUARTER 2
GOWANUS
Townhouse Summary
10 transactions closed in Gowanus during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,146 PSF and $2,450,215 gross.
1 to 4 Family Townhouses
$1,348
Condo Summary
2 transactions closed in Gowanus during the 4th quarter. The average sales price decreased and average PPSF increased. The four-quarter trailing average is $1,285 PSF and $1,431,604 gross.
Condominium Units
NUMBER OF SALES THIS QUARTER 10 AVERAGE SALES PRICE THIS QUARTER $1.21MM AVERAGE PPSF THIS QUARTER $1,290
NUMBER OF SALES THIS QUARTER 2
FORT GREENE
Townhouse Summary
5 transactions closed in Fort Greene during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,100 PSF and $3,307,901 gross.
1 to 4 Family Townhouses
$1,073
NUMBER OF SALES THIS QUARTER 5
Condo Summary
4 transactions closed in Fort Greene during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,141 PSF and $1,356,456 gross.
Condominium Units
$0.99MM
NUMBER OF SALES THIS QUARTER 4
CLINTON HILL
Townhouse Summary
6 transactions closed in Clinton Hill during the 4th quarter. The average sales price increased and average PPSF decreased. The four-quarter trailing average is $943 PSF and $2,949,772 gross.
1 to 4 Family Townhouses
$865
NUMBER OF SALES THIS QUARTER 6
Condo Summary
10 transactions closed in Clinton Hill during the 4th quarter. The average sales price increased and average PPSF decreased. The four-quarter trailing average is $1,234 PSF and $1,211,829 gross.
Condominium Units
$1,262
NUMBER OF SALES THIS QUARTER 10
PROSPECT HEIGHTS
Townhouse Summary
4 transactions closed in Prospect Heights during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,139 PSF and $3,417,683 gross.
1 to 4 Family Townhouses
$971
Condo Summary
12 transactions closed in Prospect Heights during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,410 PSF and $1,696,703 gross.
Condominium Units
$2.15MM
NUMBER OF SALES THIS QUARTER 4 AVERAGE SALES PRICE
$1,517
NUMBER OF SALES THIS QUARTER 12
PARK SLOPE
Townhouse Summary
18 transactions closed in Park Slope during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,199 PSF and $3,383,382 gross.
1 to 4 Family Townhouses
$3.71MM AVERAGE PPSF THIS QUARTER $1,227
Condo Summary
29 transactions closed in Park Slope during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,425 PSF and $1,829,823 gross.
Condominium Units
$1,365
NUMBER OF SALES THIS QUARTER 18 AVERAGE SALES PRICE THIS QUARTER $1.82MM AVERAGE PPSF THIS
NUMBER OF SALES THIS QUARTER 29
BEDFORD-STUYVESANT ( West)
Townhouse Summary
24 transactions closed in Bedford Stuyvesant West during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $776 PSF and $2,018,501 gross.
1 to 4 Family Townhouses
SALES
THIS QUARTER $1.88MM AVERAGE PPSF THIS QUARTER $712
Condo Summary
18 transactions closed in Bedford Stuyvesant West during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,018 PSF and $976,327 gross.
Condominium Units
NUMBER OF SALES THIS QUARTER 24 AVERAGE SALES PRICE THIS QUARTER $1.00MM AVERAGE PPSF THIS QUARTER $964
NUMBER OF SALES THIS QUARTER 18
BEDFORD-STUYVESANT (East)
Townhouse Summary
40 transactions closed in Bedford Stuyvesant East during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $591 PSF and $1,536,848 gross.
1 to 4 Family Townhouses
Condo Summary
3 transactions closed in Bedford Stuyvesant East during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $916 PSF and $829,335 gross.
Condominium Units
DOWNTOWN BROOKLYN
Townhouse Summary
0 transactions closed in Downtown Brooklyn during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,198 PSF and $4,350,000 gross.
1 to 4 Family Townhouses
Condo Summary
21 transactions closed in Downtown Brooklyn during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,563 PSF and $2,047,878 gross.
Condominium Units
$1,470
NUMBER OF SALES THIS QUARTER 21
Townhouse Summary
13 transactions closed in Greenpoint during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $957 PSF and $2,225,417 gross.
1 to 4 Family Townhouses
Condo Summary
24 transactions closed in Greenpoint during the 4th quarter. The average sales price increased and average PPSF increased. The four-quarter trailing average is $1,597 PSF and $1,678,071 gross.
Condominium Units
NUMBER OF SALES THIS QUARTER 13 AVERAGE SALES PRICE THIS QUARTER $1.93MM AVERAGE PPSF THIS QUARTER $1,717
NUMBER OF SALES THIS QUARTER 24
WILLIAMSBURG
Townhouse Summary
12 transactions closed in Williamsburg during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $999 PSF and $2,393,991 gross.
1 to 4 Family Townhouses
$2.18MM AVERAGE PPSF THIS QUARTER $983
Condo Summary
41 transactions closed in Williamsburg during the 4th quarter. The average sales price decreased and average PPSF decreased. The four-quarter trailing average is $1,517 PSF and $1,530,826 gross.
Condominium Units
$1,498
NUMBER OF SALES THIS QUARTER 12 AVERAGE SALES PRICE THIS QUARTER $1.43MM AVERAGE PPSF THIS
NUMBER OF SALES THIS QUARTER 41
DUMBO
Condo Summary
19 transactions closed in Dumbo during the 4th quarter. The average sales price decreased and average PPSF increased. The four-quarter trailing average is $1,555 PSF and $2,056,132 gross.
Condominium Units
AVERAGE SALES PRICE THIS QUARTER $2.04MM
AVERAGE PPSF THIS QUARTER $1,564
Would You Like To Know What Your Property Is Worth?
NUMBER OF SALES THIS QUARTER 19
Engel & Völkers Brownstone Brooklyn agents are your local experts—attuned to the fluctuating Brooklyn and Manhattan real estate markets. Let us provide you with a comprehensive and up-to-date complimentary valuation of your property, or a property that you are interested in acquiring. Simply call or email Donald using the contact information noted below.
From representing residential buyers and sellers in re-sales and new development (townhouses, condos and co-ops), to landlords and renters of multi-family properties, Engel & Völkers Brownstone Brooklyn is a respected and trusted advisor. Advocacy is central to everything we do. No matter what your goals are, our team has decades of experience to help you reach them.
This report was created with contributions from Engel & Völkers Brownstone Brooklyn team members Kyle Gregory and Peyton Yen.
Donald P. Brennan, Jr.
License Partner | Real Estate Broker
Engel & Völkers Brownstone Brooklyn
Brennan Realty Services, LLC
45 Main Street, Suite 824 Brooklyn, NY 11201
Email: donald.brennan@evrealestate.com
Cell: (917) 568-6525
Web: brownstonebrooklyn.evrealestate.com
Engel&Völkers Brownstone Brooklyn
Office Phone: (718) 643 6312
Email: BrownstoneBrooklyn@EVRealEstate.com
Web: BrownstoneBrooklyn.EVRealEstate.com
Engel&Völkers
Office Phone: (631) 298-7953
Email: NorthFork@engelvoelkers.com
Web: NorthFork.EVRealEstate.com
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