The Randy Baruh Team is here with August's market report for Manhattan and Brooklyn. As we commence the autumn 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.
- 731 contracts signed
- 186 average days on market
- 6,141 listings on the market
- 6% average discount
Brooklyn at a Glance:
to read the full report, click HERE.
- 505 contracts signed
- 108 average days on market
- 3,155 inventory listings on market
- 3% average discount
Here's the scoop on the Manhattan and Brooklyn real estate markets for August 2024!
In Brooklyn, 505 contracts were signed last month, which is down 4.4% from last year. The average days on the market were 108, down almost 23% from July 2024. In August 2024, there were 3,155 active listings on the market, a 5.1% decrease from last month and a 1.7% dip year-over-year. Negotiability remains steady, with an average discount of only 3%.
Turning our attention to Manhattan, we saw 731 contracts signed last month, a 10.5% dip year-over-year. The average days on the market were 186, an increase of 0.5% from July. Inventory is still tight with 6,141 listings on the market, a 5.3% drop from last month and up 5.8% year-over-year. Manhattan does have more room for negotiation, with an average discount of 6% in August.
Stay tuned for more updates on the ever-changing real estate landscape in New York City and more of my market insights!