Even within Brooklyn, comparing five years ago to now reveals that the rate of price increase has changed significantly, rather than the prices themselves.

According to Redfin's data, the annual median sale price in Brooklyn for 2025 is approximately $998,000, which is essentially flat compared to the previous year. When compared to the median price of around $770,000 in early 2021, this represents an approximate increase of 23% over five years.

Year by year, from 2021 to early 2022, the spread of remote work and demand for relatively spacious living compared to Manhattan drove prices up rapidly. However, in the second half of 2022, interest rates surged, causing a noticeable decline in the condo market, and from 2023 to 2025, prices have continued on a gentle upward trend without significant increases.

In comparison, the national average increase during the same period was around 35-45%, indicating that Brooklyn's growth rate was significantly lower. This can be seen as a natural phenomenon, as the starting price level was already high.

Factors supporting Brooklyn's market include chronic new supply shortages due to strict zoning regulations, demand for relatively spacious living environments compared to Manhattan, and a consistently strong rental market.

Looking ahead, it seems unlikely that there will be significant price increases or sharp corrections. As long as interest rates remain at their current levels, transaction volumes are expected to be limited, and prices are likely to continue on a gentle plateau.

For Korean households considering purchasing in Brooklyn, the entry price remains a significant burden, so it is essential to first evaluate whether a co-op or condo aligns better with their financial plans. Given the recent slowdown in price growth, it may be more realistic to approach the market cautiously when the desired property becomes available, rather than chasing the market aggressively.