Buying a home in New York City's second-largest borough is more expensive than ever, and local real estate agents say there's enough demand to push prices even higher.
The average sale price for a home in Brooklyn reached a record $1.28 million during the first quarter of 2025, according to a report from New York-based brokerage Douglas Elliman Realty. That figure includes sales of condominium units, co-ops and single-family homes with one, two or three bedrooms. Condos sold for an average of $1.31 million, while co-ops closed for $668,012 and one- to three-family homes went for $1.5 million during the quarter, the Elliman data indicates.
Prices growing to an average of $1.28 million shows that "Brooklyn's appeal remains undeniable," said Michael Sorrentino, the general sales manager at Corcoran Group, which also published a first-quarter Brooklyn sales report this week.
"This positive trajectory underscores Brooklyn’s resilience and reputation as a sought-after place to call home,” Sorrentino said in the Corcoran report.
Yet, as more buyers aim to plant roots in Brooklyn, New York City is still struggling to offer enough affordable housing for everyone who wants to live there. The borough saw its population jump from 2.5 million in April 2010 to 2.7 million in 2020, according to U.S. Census Bureau data. However, Brooklyn added only 21,000 new homes between 2021 and 2023, according to the latest city housing survey.
To be sure, the lack of available homes in New York stretches across all the boroughs, and it mirrors the housing woes the nation faces. To address the issue, Mayor Eric Adams ordered city officials to look for potential land for new housing developments, particularly on plots the city already owns. The city also approved a series of zoning law changes late last year under its "City of Yes" plan that's slated to add 80,000 housing units over the next 15 years.
Nearly 3,500 homes — including condos, co-ops and townhouses — were on the market in Brooklyn this week, according to Homes.com data. The listings include a floating boat house in the Mill Basin neighborhood for $138,000 and a penthouse suite in Dumbo for $19.5 million. Other noteworthy Brooklyn homes that went on the market during the first quarter include a mansion built for the co-founder of Pfizer and a condo that housed NBA player Ben Simmons.
Sorrentino and other real estate brokers say the number of available homes for sale in Brooklyn is rising, but there's still a notable shortage of inventory — which is fueling intense demand. That strong demand means homeowners in Brooklyn looking to list their property should have their new housing arrangements in place before taking buyer offers, a local agent said.
"Most homebuyers want immediate occupancy of the property after the closing and are non-negotiable on providing extra time for the sellers to move out," Mable Ivory, a residential listing agent in New York with Real Broker, said in an interview.