Brooklyn median price nears $1 million but the spring market is a question mark

Brooklyn prices set new records in the first quarter of 2025 as buyers continued their return to the market, but whether this trend will hold amid the economic turmoil created by the new trade wars is difficult to predict.  

Both Brooklyn median and average sales prices hit record highs, according to the latest Elliman Report for co-ops, condos, and one- to three-family houses in Brooklyn and Queens. The median sales price in Brooklyn rose 4.7 percent to $995,000.

Deals in the borough were up for the second time, rising 4.2 percent over the year-ago quarter. Listings were up year over year by 9.2 percent.

Until the fourth quarter, the Brooklyn sales market had not seen an increase in transactions in 10 quarters. “Many buyers have been waiting three years,” Jonathan Miller, president and CEO of appraisal firm Miller Samuel and author of the report, previously told Brick.

Some buyers back out

The increase in sales activity in the past two quarters reflects buyers’ optimism about the economy, but President Donald Trump’s new tariffs, announced in March, have created uncertainty and confusion about the future.

So far only there are only small ripples being seen in the New York City sales market.

When enacted, the new tariffs were larger than expected, including a 104 percent rate on products from China and 20 percent on goods from the European Union, shocking global economies and causing havoc in the U.S. stock market, which subsequently lost trillions of dollars in value.

Some buyers responded by backing out of deals. The Real Deal cited data from UrbanDigs that revealed canceled New York contracts increased to over 1 percent last week, compared to an average of .5 percent over the last three years.

But Miller said buyers walking away, “is happening on the margins. We’re not seeing it broadly.”

Since the new tariffs have only been in effect for a few days (and some were paused for 90 days), “it’s too early to know the impact,” Miller said, adding, “I suspect that we’re not going to a massive pattern of delisting.” In his newsletter, Miller noted that he has not seen price corrections, listing inventory surging, or sellers delisting.

In fact, Brooklyn bidding wars have been taking place, he said.

“The bigger question is how does this impact the spring market? We will need a few weeks to see how this plays out,” Miller said.

Higher prices in Queens

An ongoing lack of listings in Queens continues to raise prices, the Elliman Report said. Inventory was down 26.2 percent compared to the first quarter of 2024.

The average sales price, $766,174, was the third-highest on record. The median sales price, $700,000, reflected an increase of 4.6 percent over the year-ago quarter, as per the report.

Sales dipped slightly (0.3) year over year for the second time, falling below the long-term average.

Bigger, more expensive deals

SERHANT released first quarter reports for Brooklyn resales, new development, and Long Island City condos.

South Brooklyn saw the most sales growth, said Coury Napier, director of research.

“Brooklyn’s broad appeal keeps driving sales, even in an environment of uncertainty,” Napier said. “Larger and more expensive residences were a large contributor to sales during the first quarter. The borough continues to become more expensive.”

Sellers re-engage

Corcoran also released a first quarter Brooklyn sales market report and noted that contract signings were up. “Sellers responded to this momentum by bringing more inventory to the market,” the report said.

“This positive trajectory underscores Brooklyn's resilience and reputation as a sought-after place to call home,” said Michael Sorrentino, senior vice president and general sales manager, New York.

House prices climb

Compass also shared first quarter market reports for Brooklyn and Queens.

It found that houses, which represent half the market, saw the highest average price per square foot in the last 10 years, climbing 10.4 percent year over year.

Sales of houses were up significantly in north and northwest Brooklyn, according to Compass.

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