The Randy Baruh Team is here with May’s market report for Manhattan and Brooklyn. As we commence the summer season of 2024, we are excited to observe, follow, and relay the current market conditions!
Manhattan at a Glance:
to read the full report, click HERE.
- 1048 contracts signed
- 197 average days on market
- 7305 inventory listings on market
- 7% average discount
Brooklyn at a Glance:
to read the full report, click HERE.
- 672 contracts signed
- 132 average days on market
- 3574 inventory listings on market
- 5% average discount
Here's the scoop on the Manhattan and Brooklyn real estate markets for May 2024!
In Manhattan, we saw 1048 contracts signed last month, which is down almost 10% from last year. The average days on the market were 197, down almost 8% from April, with 7305 listings on the market, up 11.1% from May 2023. Manhattan is offering more wiggle room for negotiation, with an average discount of 7% in May.
Turning our attention to Brooklyn. May brought in 672 contracts signed, a 4.3% increase from last month. The average days on the market were 132 days, an 8.3% decrease from April 2024. In May 2024, there were 3574 active listings on the market, a 3.4% increase from last month and a 5.2% increase year-over-year. Negotiability remains steady, with an average discount of only 5%, the same as last month.
Stay tuned for more updates on the ever-changing real estate landscape in New York City and more of my market insights!