Low inventories in the 4th quarter of 2022 created bidding wars for residential properties in 10 Brooklyn's neighborhoods, 8 of which are in Kings County Brooklyn, NY!
Half of these transactions went above the asking price, with the highest median asking price of $2.3M in Carroll Gardens, a long time favorite neighborhood for families and single alike. Carroll Gardens topped the list.
Brooklyn sellers couldn't be happier. According to Streeteasy data, Buyers in Brooklyn have limited options now.
Other neighborhoods that experienced bidding wars were Park Slope with 38% of homes that went above the asking price, Boerum Hill 33% and East Flatbush 32%.
Listings stayed on the market for far fewer days across these neighborhoods than other Brooklyn's neiborhoods.
Higher mortgage rates have drastically reduced the available pool of buyers who can still afford to buy in this market. With a low inventory of properties on the market, sellers are still getting competitive offers as long as the price of their homes are in line with current comparable listings.
If you are interested in selling your property or you know someone who is planning to sell their New York or Brooklyn property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Realtors