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Apartment prices averaged $1,004,850 in the second quarter of 2023—the second-highest average in history. The record was initially set in 2022’s second quarter, so that explains why 2Q23’s average price is 9% lower than one year ago. Given the sharp rise in interest rates over the past year, it’s impressive that prices have remained near record levels in many Brooklyn neighborhoods.

The same cannot be said for the number of sales, which fell 32% over the past year. This decline is in line with other parts of New York City, and it can be attributed to the jump in rates combined with a decline in inventory in several neighborhoods.

The fact that prices remain elevated, even as sales fall back to more normal levels, shows that Brooklyn remains a strong market. With mortgage rates expected to decline in the second half of 2023, more buyers will be able to find a home in NYC’s most populous borough.