Manhattan & Brooklyn Real Estate Market Report – December 2024
As we wrap up 2024, both Manhattan and Brooklyn's real estate markets have shown interesting trends. Whether you’re a buyer, seller, or investor, understanding the latest market movements can help you make informed decisions. Here’s a breakdown of the December 2024 market data for both boroughs.
Manhattan Market Insights: December 2024
Manhattan continues to hold strong as one of the most dynamic real estate markets in the country. This month, we saw notable shifts in inventory, pricing, and overall activity.
Market Highlights:
- Average Sale Price: $2,317,200 (+2.5% YoY)
- Median Sale Price: $1,100,000 (-11.5% YoY)
- Average Price Per Sq Ft: $1,551 (-2.0% YoY)
- Inventory: 5,763 units (+3.4% YoY)
- Contracts Signed: 710 (+4.1% YoY)
- Average Days on Market: 191 (slightly up from last year)
Neighborhood & Property Trends:
- The Downtown and Upper East Side neighborhoods had the highest market share.
- Condos made up 55% of signed contracts, while 44% were co-ops.
- Luxury sales (above $5M) remained active, with higher discounts being negotiated.
Key Takeaways:
- Buyer’s Advantage: With median prices declining and discounts averaging 7-8%, buyers have leverage in negotiations.
- Luxury Sector Movement: High-end condos saw price appreciation while houses had longer days on market.
- Market Stabilization: The slight increase in inventory suggests that buyers have more choices compared to last year.
Brooklyn Market Insights: December 2024
Brooklyn’s market remains strong, with rising prices and a healthy level of activity across different property types.
Market Highlights:
- Average Sale Price: $1,392,569 (+14.1% YoY)
- Median Sale Price: $1,110,000 (+17.9% YoY)
- Average Price Per Sq Ft: $981 (+22.5% YoY)
- Inventory: 3,014 units (-8.2% YoY)
- Contracts Signed: 439 (-5.6% YoY)
- Average Days on Market: 111 (a slight improvement)
Neighborhood & Property Trends:
- North Brooklyn and South Brooklyn remained the most active areas.
- Condos represented 53% of signed contracts, while 37% were houses.
- The average condo sale price surged to $1.49M (+22.5% YoY), signaling increased demand.
Key Takeaways:
- Sellers' Market: Limited inventory and rising prices favor sellers, particularly in the condo market.
- Faster Transactions: Homes are selling slightly faster than last year.
- Price Growth: Brooklyn continues to appreciate, making it a strong investment choice.
What This Means for You
- Buyers: If you’re looking to enter the market, Brooklyn’s continued price increases suggest acting sooner rather than later. In Manhattan, price corrections present opportunities, especially for luxury buyers.
- Sellers: Brooklyn sellers are benefiting from rising prices and limited inventory, while Manhattan sellers may need to adjust expectations and be open to negotiations.
- Investors: Both boroughs continue to offer attractive long-term investments, with Brooklyn showing faster appreciation and Manhattan providing more opportunities for value-driven purchases.
Looking to buy or sell in Manhattan or Brooklyn? Contact The Baruh Team today to navigate the ever-changing real estate landscape with expert guidance.