Brooklyn's Luxury Market Continues to Sputter Despite High-End Contracts in September
Brooklyn's luxury market is still struggling, with only 15 contracts signed last week for homes asking at least $2 million.
Last week, the Brooklyn luxury market saw 15 contracts signed, with a total asking volume of $41 million, according to Compass' weekly reports. This marks the second week in a row that Brooklyn has fallen short of last year's numbers, with only 10 condos and 5 houses sold.
The top contract of the week went to a townhouse at 130 [] for $5.95 million, followed by a classic brownstone at 124 [] for $5.2 million. Despite these high-end sales, the overall market remains sluggish.
According to industry experts, the borough's luxury market has been struggling for months, with a lack of inventory and buyer hesitancy due to the ongoing pandemic. Some speculate that the upcoming election may also be contributing to the slowdown.
"The luxury market in Brooklyn continues to be challenging, with buyers and sellers still not on the same page," said Compass's Elliot Adler. "Inventory levels have remained low, and there is still a lot of uncertainty in the market."
Despite these challenges, brokers remain optimistic that the market will eventually bounce back, especially with the recent easing of COVID-19 restrictions.
"We are seeing some signs of life in the market, and we expect things to pick up as we head into the fall," said one industry insider. "But for now, the luxury market in Brooklyn is definitely feeling the effects of the pandemic."
Originally reported by The Real Deal
https://therealdeal.com/new-york/2025/09/08/brooklyns-luxury-market/