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Brooklyn Real Estate News & Market Trends
You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Nov. 14, 2024
Luxury Market Update: October 2024 - Frank Cogliano
I wanted to share insights from our recent luxury market analysis for October 2024. Here are a few highlights:
- Market Growth: The luxury threshold has seen significant growth, now at $2.6 million, marking a 14.3% increase from last month and a substantial 23.1% rise year-over-year.
- Price Trends: The median sale price for luxury properties stands at $3.25 million, up 14.6% from last year. However, price per square foot has experienced some softening, with a 13.4% decline in the median and an 8.2% drop in the average.
- Sales Volume & Negotiability: While the number of sales has decreased by 17.2% month-over-month, there is increased negotiability, with median listing discounts from the original ask rising by 47.5%. Pricing properties accurately is key to achieving faster sales.
-Frank Cogliano, Licensed Real Estate Salesperson
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Market Updates
Oct. 11, 2024
Bidding Wars Account for Nearly 25% of Sales Q3 2024
Median sales price in Brooklyn increased to the second highest level on record as bidding wars accounted for nearly one in four sales. Sales slipped annually for the ninth consecutive month as listing inventory expanded. Sales above the $1 million threshold were where the annual gains were seen, especially from $1 million to $2 million and $3 million to $4 million. Cash sales accounted for two-thirds of all condo closings, the second highest on record.
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Market Updates