Are Brooklyn real estate prices falling asks Abraham Sanieoff

From 2012 to 2019, Brooklyn saw a significant increase in real estate prices, with some neighborhoods seeing price increases of over 100%. However, in 2020, the COVID-19 pandemic had an impact on the real estate market, and Brooklyn was no exception. While the market did not experience a significant drop in prices, there was a slowdown in price growth. According to data from Zillow, the median home value in Brooklyn was $804,200 as of September 2021, which represented a year-over-year increase of 6.5%, compared to the double-digit price growth seen in previous years.

It's important to note that the real estate market is subject to many factors that can impact prices, including supply and demand, interest rates, and economic conditions. Additionally, the COVID-19 pandemic has created a lot of uncertainty in the market, so it's difficult to predict future trends with certainty. However, as of my knowledge cutoff of September 2021, while Brooklyn's real estate market was not seeing significant price drops, it was experiencing a slowdown in price growth.

Is Brooklyn a buyer's or seller's market?

In September 2021, the Brooklyn real estate market was considered a sellers' market. This means that there were more buyers looking for properties than there were properties available for sale.

One indication of a sellers' market is a low inventory of available homes. According to data from Zillow, as of September 2021, the inventory of homes for sale in Brooklyn was down by around 30% compared to the same time the previous year. This indicates that demand for homes in Brooklyn was high and fewer properties were available for sale.

In a sellers' market, home sellers may have more leverage when negotiating with buyers and may receive multiple offers on their properties. This can lead to higher sale prices for homes. According to Zillow, as of September 2021, the median home value in Brooklyn was $804,200, which represented a year-over-year increase of 6.5%.

However, it's important to note that real estate market conditions can change quickly, and are subject to a variety of factors, such as interest rates, economic conditions, and housing policies. So, while Brooklyn was a sellers' market as of my knowledge cutoff, this may not be the case at present.

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Abraham Sanieoff

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