Brooklyn Real Estate Market Continues Its Post-COVID Rebound in Second Quarter of 2021

As we enter summer, things continue to look sunny for Brooklyn’s real estate market.

In the second quarter of 2021, the average sale price, the number of sales and listing inventory all increased both from the previous quarter and the same period last year, according to a report prepared by appraiser Jonathan Miller of Miller Samuel and published by Douglas Elliman this morning.

The average sale price this quarter set a new record at $1,135,332, the third straight quarter in which the record was set, according to the report. It was a 1.9 percent increase from the previous quarter and a 10.1 percent increase from the same period last year.

The number of overall sales increased as well, reaching 3,427, a 21.4 percent increase from the previous quarter and a 124.7 percent increase from the second quarter of 2020. The number of sales reached their highest level for the second straight quarter in a row, according to the report.

Inventory increased as well. The number of listings increased to 3,405, an 18 percent jump up from the previous quarter and a 26.8 percent rise from the second quarter of 2020.

Once again, condo sales volume overall saw the biggest growth, with a 29.4 percent increase from the previous quarter and a 127.6 percent increase from last year. The number of sales of co-ops grew 21.2 percent from last quarter and 142.3 percent from last year, while the number of one- to three-family home sales rose by 15.4 percent from the previous quarter and 114.2 percent from 2020.

Will numbers continue to rise? Or will the market level off?

Related Stories

• Brooklyn Sees Surprising Gains in Real Estate Prices, Transactions and Inventory in 2021
• While Rents Keep Declining, Signed Leases Rise in Brooklyn
• Townhouses Close in Head-Spinning Time, Signed Contracts Up Over Last Year

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