May. 9, 2025 By Cate Corcoran
Average and median home prices hit new highs in Brooklyn in the first quarter, even as inventory jumped, showing continued strong demand.
After a period of constrained inventory followed by slight easing, the number of homes on the market rose 9.2% to 2,635 in the quarter compared to a year earlier, according to a report prepared by appraisal firm Miller Samuel for Douglas Elliman.
The average sale price for all types of homes sold in the quarter increased 7.7% year over year to $1,281,784. The median sale price reached $995,000, an increase of 4.7% vs. the same period a year before. Both set new records for prices in the borough, the report said.