October 2022 Market Report: Manhattan & Brooklyn

November 29, 2022

The Randy Baruh Team here with October's Market Report for Manhattan and Brooklyn! Higher interest rates and economic volatility continued to impact the Manhattan market while the low inventory in Brooklyn has listings flying off the shelves. 

This past month saw 796 contracts signed in Manhattan and 282 signed in Brooklyn. At 126 days, October saw the longest average days on market for Manhattan this year but it’s still well below the overall average of the last two years. Alternatively, Brooklyn’s limited inventory has pushed the average days-on-market to well below 90 days, with co-ops spending less than 78 days on the market.

Manhattan buyers had over 7,500 apartments to select from, the highest level since June 2021 and an increase of 12% from September and 5% from October 2021. More than 70% of sales traded below their last ask (compared to 60% in October 2021) with an average discount of 4.4%.

Comparatively, Brooklyn buyers had just under 2,000 homes to choose from, a 10% increase from September but a 16% decrease from October of last year. More than half of Brooklyn’s sales were sold at or above the last asking price, however, 7% of sales sold with a discount over 10%. 

In both markets, listings above $5M fell the most, while contracts under $1M saw the least change. In Manhattan, the overall average price per square foot fell 5% from last year to $1,811 but remained above the two-year average of $1,785. While Condo price per square foot continues to fall by modest amounts, Co-op price per square foot has decreased by double digits for the third month in a row. Brooklyn’s average price per square foot has increased from last month but at $1,200, it's still lower than this time last year, and co-ops are averaging around $450 less per square foot than condos.

Manhattan at a glance:

To read the full report, click here.

  • 796 contracts signed
  • 126 average days on market
  • 7,511 homes in the inventory
  • $1.097M median price
  • $1,811 Average price per square foot

Brooklyn at a glance:

To read the full report, click here.

  • 282 contracts signed
  • 82 average days on market
  • 1,926 homes in the inventory
  • $895K median price
  • $1,210 Average price per square foot

Featured Blog Posts

Market Reports

April 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / May 20, 2024

Blog

What You Need to Know When Buying a New Development in NYC

February 6, 2023

Gain essential insights into the key factors to consider when purchasing in a new development property in NYC.

Blog

The Essential Guide to Estate Planning for Property Owners

March 6, 2023

Discover the comprehensive guide to estate planning for property owners in New York City, empowering you to navigate the intricacies of preserving and transferring your assets with confidence.

Blog

Buying & Selling Your Home Simultaneously – What You Need to Know

By The Randy Baruh Team / June 12, 2023

Market Reports

February 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / March 7, 2024

Market Reports

Brooklyn Local Townhome Report Q4 2023

By The Randy Baruh Team / February 20, 2024

Market Reports

Manhattan Local Townhome Report Q4 2023

By The Randy Baruh Team / January 29, 2024

Market Reports

January 2024 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / February 5, 2024

Market Reports

December 2023 Market Report: Manhattan and Brooklyn

By The Randy Baruh Team / January 1, 2024

Market Reports

Manhattan Q4 Market Report

By The Randy Baruh Team / January 3, 2024

Market Reports

November 2023 Market Report: Brooklyn and Manhattan

By The Randy Baruh Team / December 14, 2023

Market Reports

Brooklyn Local Townhome Report Q3 2023

By The Randy Baruh Team / November 20, 2023

Market Reports

October 2023 Market Report: Brooklyn and Manhattan

By The Randy Baruh Team / November 16, 2023

Market Reports

Brooklyn Q3 Market Report

By The Randy Baruh Team / October 17, 2023

Market Reports

Manhattan Quarter 3 2023 Market Report

By The Randy Baruh Team / October 16, 2023

Market Reports

Manhattan Q2 2023 Market Report

By The Randy Baruh Team / August 16, 2023

Market Reports

August 2023 Market Report: Brooklyn and Manhattan

By The Randy Baruh Team / September 22, 2023

Market Reports

Brooklyn Local Townhome Report Q2 2023

By The Baruh Team / July 17, 2023

Press

Kate Moss and Johnny Depp's former Greenwhich Village Apartment Hits the Market

By The Randy Baruh Team / August 11, 2023

Press

If You're Not Leaning Into Video and Social, You're Going to Get Passed By

By The Randy Baruh Team / August 11, 2023

Press

Greenwich Village Residence Where Kate Moss Lived in the '90s Seeks $15.5M

By The Randy Baruh Team / August 11, 2023

Press

Kate Moss and Johnny Depp's Former NYC Love Nest asks $15.5M

By The Randy Baruh Team / August 11, 2023

Blog

Leaning into Video

By The Randy Baruh Team / December 15, 2022

Corcoran Group broker, and former theater director, Randy Baruh talks with RisMedia and shares how he leverages video and social media to grow his business.

Market Reports

Brooklyn Q1 2023 Market Report

April 13, 2023

Press

How Randy Baruh Uses AI for Real Estate Listings

April 11, 2023

Market Reports

Manhattan Q1 2023 Market Report

April 11, 2023

Market Reports

Luxury Market Report - November 2022

By The Randy Baruh Team / January 6, 2023

Market Reports

Manhattan Q3 2022 Market Report

By The Randy Baruh Team / October 29, 2022

Blog

Rockefeller Center

By The Randy Baruh Team / December 15, 2022

A Holiday Guide to one of NYC's most iconic holiday attractions. Dinner, Ice Skating, toys, and the tree

Blog

7 Things to Evaluate When Buying a Property

By The Randy Baruh Team / November 28, 2022

New York City is one of the most vibrant, bustling places in the world. It's a mecca for foodies, fashionistas, and culture aficionados. And, of course, it's an amazing place to call home. But if y...

Market Reports

November 2022 Market Report: Manhattan & Brooklyn

By The Randy Baruh Team / December 15, 2022

Blog

Investing in NYC Real Estate

By The Randy Baruh Team / November 29, 2022

Investing in real estate is a big choice to make, especially in NYC. Here are 6 things to keep in mind when purchasing an investment property, especially if you want to eventually rent it out.

Blog

Bryant Park

By The Randy Baruh Team / December 15, 2022

A Holiday Guide to Bryant Park. The park is one of the world's busiest public spaces, especially during the holiday season when the holiday market and skating rink open up. Check out our Holiday Gu...

Market Reports

October 2022 Market Report: Manhattan & Brooklyn

By The Randy Baruh Team / November 29, 2022

Blog

Buying Your First Home

By The Randy Baruh Team / September 20, 2022

Buying a home can be overwhelming but we’ve got you covered! Here are the top 5 things to know during your real estate hunt for a home or apartment in New York City (whether that’s Brooklyn, Manhat...

Blog

New York’s Competitive Luxury Market: Hot or Not with Tom Ferry

By The Randy Baruh Team / October 18, 2022

Partnered listings… Why would you anyone want to take half commission on a transaction when they could go for the whole things? Well, what if it meant way more transactions and your ticket into the...

Blog

How Higher Interest Rates Impact Home Purchases

By The Randy Baruh Team / October 21, 2022

Anyone who's in the market for a new home or considering refinancing their current home loan is undoubtedly keeping a close eye on interest rates as they're one of the most critical factors in dete...

Market Reports

Brooklyn Q3 2022 Market Report

By The Randy Baruh Team / October 29, 2022

Blog

How to grow on TikTok

By The Randy Baruh Team / September 21, 2022

Looking to grow your following on TikTok? Listen to NYC Luxury Realtor Randy Baruh share his insane story of how he garnered a massive following of over 300K followers on TikTok in under 1 year! Le...

Market Reports

Luxury Market Report - August 2022

By The Randy Baruh Team / October 7, 2022

Blog

How The Randy Baruh Team Markets Differently

July 7, 2022

Join top real estate agent Randy Baruh as he sits down to share exclusive insider marketing strategies. When listing your home for sale, Randy and his team go above and beyond to market your home s...

Blog

Top 5 Things You Need to Know When Selling Your New York City Apartment

By The Randy Baruh Team / June 30, 2022

Before you sell your home, read this blog post, which covers some of the most important questions: How do you find the right real estate agent? When is the best time to sell? Which season will bri...

Blog

Co-Ops vs Condos: Which One is Best?

By The Randy Baruh Team / June 24, 2022

The age old New York City buying question: Condo vs Co-op? You have a lot of questions and we have answers! What is a condo? What is a Co-Op -- and what’s the difference between them? Which is more...

Blog

Why to use a Buyer's Broker in NYC

By The Randy Baruh Team / July 4, 2022

Buying a home can be a daunting task--especially when you're buying in one of the most sought after cities in the world. Not only do buyer’s brokers have exclusive market information, they can actu...

Blog

Should I Rent or Buy in New York City?

By The Randy Baruh Team / September 21, 2022

Owning vs renting? In New York City it’s a huge debate! Which is a better investment? When should you buy a home? Luxury Realtor Randy Baruh explains when you should sign a lease vs put in a bid on...

Blog

Randy Answers the Biggest Questions

By The Randy Baruh Team / September 21, 2022

Your biggest questions about renting or buying in New York City! What New York City neighborhood offers the best value? The most bang for your buck? Manhattan vs Brooklyn? What are some tips for re...

Market Reports

Monthly Market Report - August 2022

By The Randy Baruh Team / October 7, 2022

Market Reports

Brooklyn Townhouse Report: Q1 & Q2

By The Randy Baruh Team / October 7, 2022

Press

On the Market: Harlem Charmer

By Corcoran / November 11, 2015

Press

Finding Real Estate Steals In The City

By Corcoran / November 30, 2015