The Randy Baruh Team is here with January's market report for Manhattan and Brooklyn. As we navigate 2024, we are excited to observe, follow, and relay the current market conditions!
Manhattan at a Glance:
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- 676 contracts signed
- 177 days on market
- Average sales price: $2,020,585
- Average price per square foot: $1,502
Brooklyn at a Glance:
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- 441 contracts signed
- 127 average days on market
- Average sales price: $1,309,808
- Average price per square foot: $968
In January 2024, the Manhattan real estate market showcased a robust performance, as evidenced by key indicators. A total of 676 contracts were signed during this period, reflecting a steady level of activity in the market compared to December of 2023, which saw 677 contracts signed. With only a 0.1% decrease, January 2024's reduced inventory still underscores the ongoing demand for properties within the region. After a period of decreased inventory, January 2024 saw a significant 1.3% increase, with 5,697 properties on the market this month. When compared to January 2023, there was a general increase in average sales price, median sales price, average price per square foot, and average number of contracts signed. These upticks will inevitably shape the growing market we'll watch as we navigate the rest of this year.
Brooklyn's real estate market in January 2024 showcased robust growth in key indicators. Rising prices and reduced inventory highlight the borough's steadfast desirability, as the average sales price experienced a significant surge, reaching $1,309,808. This marks an impressive 7.5% increase from December of 2023. The inventory level in Brooklyn decreased to 3,147 in January 2024, representing a 3.5% reduction from December 2023 and a notable 8.4% decline from January 2023, contributing to the overall competitiveness of the market.
However, there is still some room for negotiability prior to entering the spring market. Last month, Manhattan saw an average discount of 6% and Brooklyn saw an average discount of 3%.
Stay tuned for more updates on the ever-evolving New York real estate landscape.