Brooklyn Market Update | August 2022

Page 1

BROOKLYN MARKET UPDATE AUGUST 2022

In August, the Brooklyn market saw a slowdown from the previous month. Sales and median listed price were both down 4% month-over-month and 29% and 18% year-over-year, respectively. New listings on the market dropped by 31% but were still up from the previous year by 2%. Contract activity increased by 1% from July, while price per square foot ticked down 3% month-over-month and 17% year-over-year. Inventory also remains low in Brooklyn, with a 7% decrease from July.

SALES

CONTRACTS SIGNED 399

647

Aug 2021

482

462

Jul 2022

Aug 2022

Aug 2021

359

354

Jul 2022

Aug 2022

MEDIAN LISTED PRICE $830,266

$715,835

$684,800

Jul 2022

Aug 2022

Aug 2021

 29%

 4%

 10%

 1%

 18%

 4%

Year over Year

Month over Month

Year over Year

Month over Month

Year over Year

Month over Month

AVERAGE PRICE PER SF $1,081

Aug 2021

NUMBER OF NEW LISTINGS

TOTAL INVENTORY

478 $919

$895

Jul 2022

Aug 2022

3,220 329

321

Aug 2021

Jul 2022

Aug 2022

2,995

2,643

Aug 2021

Jul 2022

Aug 2022

 17%

 3%

 2%

 31%

 13%

 7%

Year over Year

Month over Month

Year over Year

Month over Month

Year over Year

Month over Month

©2022 UMRO Realty Corp., dba The Agency®. Equal Housing Opportunity. All material presented herein is intended for informational purposes only. The sources are deemed to be reliable and the information is believed to be accurate, however the material is subject to errors, omissions, changes, or withdrawal without notice. All measurements and square footage are approximations. No statement is made as to the accuracy of any description. Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS). CalDRE #01904054