While the post-Pandemic momentum slowed in 2023, The Brooklyn market has shown its resilience in 2023. With 44 total transactions occurring in 4Q 2023, the average price per square foot equates to $1,094 which shows a slight increase of 4% when compared to 4Q2022. The notable recent trend revolves around heightened activity in higher price ranges. The absence of renovated properties in the $5-7M range led to an upward shift in entry-level pricing. 2023 showcased a significant surge in activity within the $7-10 million range, and higher-priced inventory above $10 million is experiencing unprecedented levels of business. Renovated homes, particularly those with designer finishes, are commanding a substantial premium.

Notable sales this year included Garfield's sale at 271 Hicks Street, a mint 24'-wide single-family home, for just under $15M and $2,360/ft – as well as a record setting sale in Park Slope at 53 Prospect Park West for $13.5M. Both of these standout sales took place in the latter half of the year, indicating that the Brooklyn market is headed in the right direction.

In 2023, the Brooklyn market adapted to an uncertain economy, showcasing resilience and flexibility. The expected decrease in mortgage rates and the continued presence of active buyers provide evidence for a robust market in the upcoming year.