February 2024 Market Report: Manhattan and Brooklyn

March 7, 2024

The Randy Baruh Team is here with February's market report for Manhattan and Brooklyn. As we move out of winter in 2024, we are excited to observe, follow, and relay the current market conditions! 

 

Manhattan at a Glance: 

to read the full report click HERE.

  • 858 contracts signed
  • 176 average days on market
  • Average sale price: $1,757,248
  • Average price per square foot: $1,352

 

Brooklyn at a Glance: 

to read the full report click HERE. 

  • 486 contracts signed
  • 147 average days on market
  • Average sales price: $1,240,509
  • Average price per square foot: $876

 

In February 2024, the Manhattan real estate market showcased a robust performance, as evidenced by key indicators. Last month, Manhattan saw an overall average sale price of $1.75M. There were 858 total contracts signed last month, an 18% increase from January. As we transition into the spring season, we will continue to see an uptick in these numbers, with the busy season quickly approaching. Manhattan co-ops have rapidly increased in value over the past month, with the average sales price hitting over $1.35M, a 9% increase from last month and a 8% increase year over year.  

Brooklyn's real estate market in February 2024 showcased robust growth in key indicators. The average sale price in January was $1.24M , which was nearly an 8% increase from last year. The average price per square foot went up a striking 20% year over year to $876 per SqFt. Brooklyn saw an increase in contracts signed since last month, with nearly an 8% increase to 486 contracts signed.

Manhattan inventory decreased more than 4% year over year, and Brooklyn inventory decreased by roughly 2%. With demand on the rise and inventory tightening, buyers must acknowledge the importance of strategic planning and market knowledge. 

As your trusted real estate advisor, the Randy Baruh Team is here to help you stay ahead in the ever-evolving New York real estate market.

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