Brooklyn’s median price rose to $990,000 in the fourth quarter, third-highest on record

Sellers in Brooklyn and Queens benefitted from tight inventory and a decline in mortgage rates during the fourth quarter of 2025. 

Brooklyn’s average and median sales prices rose annually to the third-highest on record, according to the latest edition of the Elliman Report for co-ops, condos, and one- to three-family houses in Brooklyn and Queens. The median sales price in Brooklyn ticked up 0.1 percent to $990,000 compared to the fourth quarter of 2024. (In the third quarter, Brooklyn’s median sales price crossed the $1 million mark for the first time.)

Deals in Brooklyn dropped by a nominal amount (0.4 percent) in the fourth quarter while listings increased by 10.4 percent.

Thanks to a decline in mortgage rates at the end of the year, Brooklyn transactions that depend on financing took a greater market share. Transactions involving cash buyers slipped to four out of 10 sales, the Elliman Report said.

Queens median price hits record

The median sales price in Queens rose to the highest on record in the fourth quarter, climbing 5.6 percent to $739,053. Deals increased by 4.2 percent, the first annual increase in five quarters.

Listings have been falling for more than two years and declined a steep 27.1 percent in the fourth quarter, as per the Elliman Report.

‘Strongest fourth quarter in three years’

Corcoran also released a fourth quarter Brooklyn sales market report, which highlighted the borough’s increases in transactions and prices despite constraints on listings.

Brooklyn’s sales market had the “strongest fourth quarter in three years,” said Michael Sorrentino, senior vice president and general sales manager at The Corcoran Group. Prices rose across all segments, with new development reaching record highs and co-ops seeing increased activity as buyers sought more affordable options, he said.

The report attributed price increases to a slightly greater proportion of new development sales and shrinking sales at the low-end of the market compared to last year.

Inventory fell for listings above $750,000; properties priced over $2 million saw the largest annual decline in listings, the report said

Ending the year on a strong note

In her firm’s fourth quarter sales market reports for Brooklyn and Queens, Bess Freedman, CEO of Brown Harris Stevens, noted that the Brooklyn condo and co-op market ended the year on a strong note with higher sales and prices year over year.

“While there is still uncertainty hanging over the housing market, most notably a new mayor and a slowing labor market, there are reasons for optimism. Mortgage rates fell sharply in the second half of 2025 and are expected to continue their decline in 2026. While hiring has been weak recently, unemployment remains relatively low. New York City’s economy has outperformed the nation’s over the past two years and is expected to do so again in 2026,” she wrote.

Fewer listings drive asking prices higher

In its fourth quarter sales market report for Brooklyn, Compass highlighted an increase in condo closings and broke down how condo deals fared across different Brooklyn regions. The neighborhoods of Greenpoint, Williamsburg, Clinton Hill, and Cobble Hill commanded nearly 60 percent of the total condo market share.

The luxury segment stalled, with condo sales above $3 million declining 21.3 percent, “suggesting that high-end buyers are navigating limited inventory and exercising greater caution amid broader economic uncertainty,” the report said.

Compass’s Queens sales market report said fewer active listings for condos and co-ops helped drive asking prices higher.

“Co-op availability remained severely limited at all price points, restricting buyer activity, whereas house inventory $1 million and above increased,” the report said.

New development sales slowed

Coury Napier, director of research at SERHANT, noted in his firm’s report on Brooklyn’s new development market for the fourth quarter that sales reflected contracts signed earlier in the year.

“Activity slowed toward the end of the year. Signed contracts declined as limited inventory and elevated pricing constrained buyer activity,” he wrote.

An increase in median sales price for new development was driven by closings at waterfront projects in Greenpoint and Williamsburg, he said.

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