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November 2022 Market Report: Manhattan & Brooklyn

December 15, 2022

The Randy Baruh Team here with November’s Market Report for Manhattan and Brooklyn! As the weather gets colder and the holidays approach, market activity slows down but homes are still selling! 

November saw 797 contracts signed in Manhattan, a 43% decline from last year, but a small increase from the number of contracts signed last month. It was sales over that $5M saw the biggest decline in sales, with a decline of over two-thirds. Condo sales dropped by over 50% and co-ops fell by 36% from last year. 

Upper Manhattan saw the least amount of change, but while the decline of nearly 700 listings might be the largest in the last few months, it is on par with how the market normally acts this time of year. 

Brooklyn is seeing atypical market activity, with 5% more contracts signed in November than in October. 295 contracts were signed, with an average of 93 days on the market. Activity on listings over $3M dropped by 60%, but the limited inventory continues to push average days in the market lower and lower. 

While more than half of sales were sold below the last asking price, overall average negotiability landed 0.2% above the ask. Just over a quarter of deals traded over the last asking price. 

Overall, listings are spending less time on the market than last month, with an average of 121 days. And the average price per square foot for co-ops has slipped to a 10-year low as discounts become more commonplace and negotiability rose to its highest point in nearly two years.

Manhattan at a glance:

To read the full report, click here.

  • 797 contracts signed
  • 121 average days on market
  • 6,838 homes in the inventory
  • $1,930 Average price per square foot

Brooklyn at a glance:

To read the full report, click here.

  • 295 contracts signed
  • 93 average days on market
  • 1,745 homes in the inventory
  • $1,195 Average price per square foot

Featured Press & Media Posts

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

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

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Top 10 Brooklyn Real Estate Listings: A Co-Op in Flatbush, a Standalone in Bay Ridge

By Brownstoner / November 10, 2019

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Spacious Co-op in Prewar Brooklyn Heights Tower With Fanciful Exterior, Updates Asks $1.5 Million

By Brownstoner / November 5, 2019

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Manhattan's most dramatic price cuts include Fifth Avenue co-op reduced by $555K

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The most spectacular new listings in NYC include Gramercy brewery-turned-condo

By Brownstoner / August 5, 2019

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Brooklyn’s luxury market saw 16 contracts signed last week: Stribling

By Brownstoner / April 25, 2019

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A true two bedroom, two bath in Dumbo, for a relative steal at $1,325,000

By Brownstoner / February 25, 2019

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Before & After: A Humdrum Home in Brooklyn Receives a Stylish Revamp

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New Listings

By Breownstoner / July 26, 2018

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How much for a sun-filled Upper East Side 2BR with custom finishes?

By Brownstoner / July 11, 2018

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Top 10 Brooklyn Real Estate Listings: A Corner Loft and a Minimalist Brownstone

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Park Slope Home With Zen Vibe and Three More to See This Weekend, Starting at $1.695 Million

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Shape up: five homes for fitness

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Massive One Brooklyn Bridge Park Condo With Rooftop Cabana, Skyline Views Asks $8.75 Million

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The Mountaintop

By Corcoran / November 27, 2017

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Brooklyn's most expensive home for sale is this $19.5M condo

By Curbed / October 2, 2017

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A New Brooklyn Listing Becomes the Borough’s Most Expensive

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3D videos: A new way to tour NYC real estate up for sale

By AM New York / August 6, 2017

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Postmodern Upper East Side townhouse tries again for $40M

By Curbed / January 26, 2017

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Art dealer Martin Zimet lists UES townhouse for $40M

By The Real Deal / January 26, 2017

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Goldman Sachs Alum Turns to Virtual Reality to Sell $57 Million Mansion

By Bloomberg / December 6, 2016

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Live Large Over Union Square in This Penthouse Loft

By Corcoran / September 13, 2016

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Done Deals: DUMBO

By Brokers Weekly / June 15, 2016

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Living Large: East 61st Street

By CBS / May 25, 2016

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These Were the Top Home Sales in BK, Queens in March

By The Real Deal / April 5, 2016

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A New Dimension in Home Buying: Virtual Reality

By The New York Times / February 14, 2016

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Finding Real Estate Steals In The City

By Corcoran / November 30, 2015

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On the Market: Harlem Charmer

By Corcoran / November 11, 2015

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Last week's prettiest new listings include Demi Moore's triplex penthouse in the San Remo

By Brownstoner / November 4, 2001

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Remaking a ‘Developer Special’ in Brooklyn

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