The Brooklyn market fared well in 2024 with pricing and volume both increasing year-over-year. The strongest neighborhoods which helped bolster the borough as a whole were Carroll Gardens and Brooklyn Heights. Notable sales contributing to this surge included 1 Sidney Place, a $22.1M sale in Brooklyn Heights; as well as 336 DeGraw Street in Carroll Gardens, which closed for $11.25M in August.
The ceiling for pricing continues to rise in Brooklyn. More buyers are expanding their searches from coveted areas of Manhattan to include prime Brooklyn, and more and more neighborhoods in the borough continue to benefit from this transition. Neighborhoods like Fort Greene, Prospect Heights, Park Slope, and more are continuing to see prices and demand rise for prime real estate. As a result, properties that come on the market at a reasonable price point in these neighborhoods often have multiple bidders and are in contract within 30 days.
Looking ahead, with 50 properties in contract and no sign of demand slowing down, we expect Brooklyn to continue to show strong growth in 2025.
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