The Market Pulse signals a shift towards a seller's market, with demand outpacing supply. Although the market peaked in mid-2021 to early 2022, recent trends show the sellers' market may continue to strengthen. It is still possible for buyers to still find opportunity but that window may close over the coming months.
In October 2024, Brooklyn’s new supply dropped by 26.6% from last month and 16.9% year-over-year, indicating a tightening market. Sellers could benefit from less competition and stronger pricing leverage, while buyers may face limited options and increased bidding. If this supply decline persists, the sellers' market could intensify, requiring buyers to act swiftly.
Brooklyn's contract activity surged by 49.6% from last month and 34.5% year-over-year, reflecting strong demand. With 667 contracts, it aligns with the seasonal average, offering sellers faster sales and higher prices. Buyers will face more competition and may need to act quickly. If this trend continues, the market will remain seller-driven, with limited supply favoring sellers.
BROOKLYN MARKET PULSE
