The Hess Report News & Views January 2025

News & Views
BROOKLYN | JANUARY 2025

“January, the month of new beginnings and fresh starts, holds the key to unlock your biggest dreams.”

– Unknown

As we bid farewell to another year, January emerges as a month brimming with possibilities and new beginnings. It’s a time to reflect on the past, set goals for the future, and embrace a fresh perspective.

The Brooklyn real estate market is showing strong signs of recovery heading into 2025. After years of sluggish trends, buyer confidence has returned, with 2024 ending on a high note of increased activity. While new listings are expected to remain steady, demand is likely to outpace supply, creating a more competitive environment. Overall, 2025 is shaping up as a year of revitalization and growth for the Brooklyn market, offering opportunities for both buyers and sellers to achieve their goals.

On the rental side, high demand and limited supply will likely keep rents elevated through 2025

🙏I want to express my deepest gratitude to my clients for an incredible 2024!! 🔥Your trust, support, and collaboration have been the cornerstone of a truly remarkable year, filled with exciting opportunities and successful transactions. Together, we navigated the ever-changing market and achieved outstanding results. Looking ahead to 2025, I am filled with optimism and enthusiasm for what lies ahead. The Brooklyn market is poised for continued growth, and I’m excited to help you reach your real estate goals in the coming year. Here’s to another stellar year of success, growth, and new beginnings—thank you for making it all possible! 🔥

If you are considering jumping into the market NOW is the time to act, and I would love to help!

Laura Hess

In Contract $155,000 Over Ask!

78 8th Avenue Apt 6J

Why Working with a Buyer’s Agent is a Game-Changer!

Exclusive Opportunity, Incredible Results

78 8th Avenue, Apt 6J—a stunning top-floor showstopper, 2 bed/2 bath coop in prime Park Slope—was listed off-market (not on StreetEasy or Zillow) and is now in contract at $155,000 over the listing price of $1,495,000!

As the sellers trusted my strategies, for staging, and marketing deciding to list this property exclusively on the RLS for agents only, we attracted multiple offers, held a highest-and-best round, and secured a phenomenal deal. Every buyer was represented by an agent, proving just how critical having a agent on your side is!

Not only do I specialize in helping sellers achieve outstanding results, but I’m also a highly successful buyer’s agent with access to off-market listings like this one—properties you won’t find on Zillow or StreetEasy.

***With mandatory buyer agreements madatory as of January 12, 2025 there’s never been a better time to connect with a dedicated agent, like me, who can help you navigate the market and uncover hidden gems like this one!

Learn More >

The Corcoran 4Q Report 2024

The Brooklyn real estate market ended 2024 strong!
Indicative to what is to come??

The Brooklyn market wrapped up 2024 on a solid note. Buyers responded to the much-needed boost in inventory by signing more contracts than the previous year. In fact, contract signed activity has been gaining momentum over the past year, with four of the last five quarters showing year-over-year increases. For sellers, the good news continued this quarter as prices rebounded to near-record highs!

Brooklyn Condo & Co-Op Sales: December 2024

Reduced Activity at the Low End Diminished Overall Market Performance Contract activity fell year-over-year after four consecutive months with increases. At 210 reported contracts, this was the slowest December in at least eight years. Condo contracts decreased 10% year-over-year while co-op sales dropped more significantly, falling 37%. The overall sales figure was driven down by a decline in sales at the low-end, where sales under $1M declined 33% annually. In aggregate, sales over $1M were unchanged versus a year ago. Four of the eight submarkets exhibited annual increases, particularly in areas with a recent surge in new development inventory

5 For 25: Predictions For New York Real Estate In 2025

In 2025, the New York City real estate market might finally hit its stride after nearly three years of decline. What’s in store for Manhattan and Brooklyn? Drawing on the trends from late 2024, here are five predictions that will define the year ahead:

Whats happening in the Rental Market?

NYC Residential Rental Market Report: December 2024

The median rent in Brooklyn was $3,983 in December 2024 – up 3% vs. the$3,855 per month in November and a 7% rise year-over-year. While this figure is still down 7% when compared to the pricing peak in May, it is unusual for rents to rise in the wintertime.
The average rent for three-bedroom units decreased 9% year-over-year – to $5,666 – boosting leasing activity for that unit type. Meanwhile, average rents for studios, one- and two-bedroom units all increased on an annual basis.

Brooklyn and Queens Set to Outshine Manhattan as NYC's Key Rental Markets.

Brooklyn and Queens are emerging as key rental markets, with slowing rent growth compared to Manhattan, where rent growth has been accelerating.
Inventory is declining sharply in Manhattan as elevated mortgage rates keep would-be buyers in the borough’s rental market.
Concessions are on the rise in neighborhoods with prevalent new developments, such as Windsor Terrace, Brooklyn, and Mott Haven, Bronx.

Rents Forecast to Rise in 2025 and 2026

CoStar Group forecasts that as the new apartment supply is absorbed, new data shows there will be an increase in rents in 2025 and 2026, ending the lower prices “many renters have had over the last couple of years as a result of the post-COVID multifamily supply glut,” the company says in a release.

Remembering Dr. Martin Lurther King Jr.

His Fight for Fair Housing and Equal Opportunity

This Martin Luther King Jr. Day, we honor Dr. King's profound impact on the fight for fair housing and equal opportunity. Dr. King championed the principle that everyone deserves a safe, affordable place to call home, free from discrimination. His leadership in the Civil Rights Movement paved the way for the Fair Housing Act of 1968, which outlawed housing discrimination based on race, religion, and national origin. His vision continues to inspire efforts toward equitable housing policies, reminding us that access to housing is a fundamental step toward achieving social and economic justice for all.