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Residential
New York

Bidding wars abound in Brooklyn

Borough rode low inventory to claim bulk of buyer battles in Q4: StreetEasy

(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)

New York City’s happiest sellers are in Brooklyn.

The borough was home to the lion’s share of bidding wars last quarter, according to StreetEasy data. Out of the top 10 neighborhoods where transactions went above ask, eight were in King’s County and two in Queens.

Brooklyn’s Carroll Gardens neighborhood was home to the most bidding wars, where half of all transactions traded above asking price. It also claimed the highest median asking price among the areas, at $2.3 million.

Competition rose on the back of low inventory, after buyers flocked to the outer boroughs in the wake of the pandemic. Brooklyn’s sales volume across the top 10 residential firms reached $8.9 billion in 2021, more than doubling the previous year’s $4.3 billion.

“Buyers in Brooklyn have limited options now,” the report said.

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The other top areas for bidding wars were Park Slope, where 38 percent of homes went above ask, Boerum Hill (33 percent), East Flatbush (32 percent) and Sunnyside, Queens (31 percent). The only other neighborhood outside Brooklyn to make the list was Elmhurst, Queens, which finished 10th.

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Roughly one in three homes sold above asking across the 10 areas. Listings stayed on the market for a median of 58 days, 24 days less than those in other parts of the city.

Sellers don’t hold as much power in other areas of the city as higher rates have taken a bite out of buyers’ power, lessening demand and complicating sellers’ chances of securing deals.

“Although higher mortgage rates have reduced the number of buyers who can afford to stay in the market, low inventory across the city suggests sellers can still expect competitive offers – as long as they price their homes in line with comparable listings,” the report said.

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BrooklynResidential BrokerageStreetEasy