Brooklyn Real Estate Median Sales Price Sets 11-Year Record

In the latest Elliman Market Reports for the fourth quarter, the median sale price for homes in Brooklyn set an 11-year record at $570,110.

Listing inventory fell to the second lowest total since mid-2008 when this metric was first tracked. The combination of rising sales and falling inventory caused the absorption rate to drop to the second fastest pace in more than five years.

Compared to a year ago, median sales price rose 11.2-percent to $570,110, average sales price increased 12.2-percent to $688,334 and the number of sales jumped 21.2-percent to 1,752.

In rentals, the pace of rental price growth has slowed for the third consecutive month. Much of the price gain was found within the studio market while the remaining categories saw nominal change from the same period a year ago.