Brooklyn Real Estate Market Report Q1 2026 | Katie Keate Johnson, Decode NYC
Inventory's Up at the Top. For Most Buyers, It's Still Tight.
Yes, new listings jumped this quarter, but mostly in luxury and high-end resale condos. Year over year, inventory is still down across every segment. If you're shopping under $1M, don't let the headlines fool you. Here's what Q1 2026 actually looks like on the ground.
The quick read
New listings are up +18.55% vs. last quarter, but the bump is concentrated at the top. Luxury inventory jumped +40.70% and resale condos +51.63%. Co-ops only rose +25.19%, and year over year, new listings are down across every single segment (-3% to -17%). So if you're hearing "it's a buyer's market," that's mostly true for $4M+ shoppers. For sub-$1M buyers, inventory is still constrained and good listings still move.
The headline number hides the real story
Yes, 3,145 new listings hit the market, an 18.55% jump from last quarter. But year over year, new listings are actually down 11.06%. The QoQ bump is real, and partly seasonal (spring always brings listings), but we're still working with fewer homes on market than we had this time last year. Contracts signed slipped 7.20% to 876, and average price came down slightly to $1.65M while PPSF ticked up 1.63%. Buyers are still paying for quality, just being pickier.
The one segment holding its nerve
While other corners of the market softened, new development barely blinked. Contracts signed edged up 0.83%, average price rose to $1.77M, and PPSF climbed 2.80%. Recorded sales did drop 17.45%, a reminder that closings always lag, and some of what's selling today was actually negotiated months ago.
Fewer deals, but higher tickets
The top of the market got a little quieter, with contracts signed falling 19.23%, but the buyers who are transacting aren't flinching on price. Average contract price rose to $5.79M and PPSF jumped 8.66%. New listings at this tier exploded 40.70%, giving serious buyers their best selection in a while.
Inventory flood, price discipline
New condo listings rocketed +51.63% this quarter, the biggest inventory build anywhere in the market. Contracts dipped 11% and dollar volume fell 12.66%, but PPSF barely moved (-0.30%). Sellers are putting product up; buyers are circling but not pouncing.
Softer on price, not flooded on inventory
Co-ops are the one area where prices are actually coming down. Contracts dropped 10.33%, average price fell 4.39% to $766K, and PPSF slid 3.92%. New listings grew 25.19% QoQ, but year over year, co-op listings are actually down 3.41%. So prices are softening, yes, but inventory is not suddenly abundant.
Two different markets in one borough
Brooklyn in Q1 2026 is really two markets. Above $4M, and in high-end new-development condos, buyers finally have options, with inventory up 40%+ and prices holding firm. Under $1M, the story is different. Inventory is up seasonally, but still down year over year, and well-priced co-ops and entry-level condos continue to move quickly. Don't read the citywide "buyer's market" headlines and assume they apply to your search. The data only supports that narrative in select price points.
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