The Randy Baruh Team here with you December's market report for Manhattan and Brooklyn. As we wrap up 2023, we are excited to observe, follow, and relay the current market conditions!
Manhattan at a Glance:
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- 667 Contracts Signed
- 185 Days on market
- 5,617 Active listings
- $1,615 average price per square foot
Brooklyn at a Glance:
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- 453 Contracts Signed
- 128 Days on market
- 3,258 Active listings
- $955 average price per square foot
The Manhattan real estate market in December 2023 exhibited strength and growth in key indicators. Rising prices and reduced inventory underscore the ongoing demand for properties in the region, with the average price per square foot registered at $1,615 in December 2023, marking a 12.0% increase from November 2023 and a solid 9.9% increase from December 2022. However, 677 contracts were signed in December, indicating a 13.9% decrease from November 2023. However, when compared to December 2022, there was an encouraging 8.5% increase in signed contract, even as average sale price, median sale price, and average price per square foot has increased. As we navigate through 2024, these trends will undoubtedly shape the evolving landscape of Manhattan's real estate market.
Brooklyn's real estate market in December 2023 showcased robust growth in key indicators. Rising prices and reduced inventory highlight the borough's desirability, as average sale price experienced a significant surge, reaching $1,503,502. This marks an impressive 35.8% increase from November 2023 and a substantial 30.8% rise from December 2022. The inventory level in Brooklyn decreased to 3,258 in December 2023, representing a 7.3% reduction from November 2023 and a 6.6% decline from December 2022, contributing to the overall competitiveness of the market.
Stay tuned for more updates on the ever-evolving New York real estate landscape.