Brooklyn, NY home prices and housing market

Brooklyn home values are up six and a half percent over the past year, and yet sellers here are barely cutting prices at all. The typical home is now worth about one million thirty thousand dollars, a strong gain in twelve months. Here is what makes it interesting. Only about 6.7 percent of active listings have taken a price cut. In a slow market, sellers chase buyers down with reductions. That is not happening here. There are roughly three thousand three hundred homes for sale, with about two thousand one hundred new listings hitting the market this month alone, so buyers have choices. But the median asking price sits near eight hundred twenty thousand dollars, well below the typical value, which tells you the higher priced homes are moving more slowly. Homes are taking about sixty days to go under contract. Put it together and the picture is a confident but patient market. Values are climbing, sellers are holding firm, and deals take two months to come together. If you are selling, you have real equity on your side, but price honestly from day one and plan for a longer runway.