November 2024 Market Report: Manhattan vs. Brooklyn
The real estate markets in Manhattan and Brooklyn continue to show distinct trends as we wrap up November 2024. While both boroughs experienced strong buyer activity, inventory remains tight across the board, presenting opportunities and challenges for buyers and sellers alike. Let’s dive into the key data:
Manhattan Market Highlights
Manhattan continues to lead the charge in luxury real estate, with impressive numbers for the month:
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Contracts Signed: 762
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Average Condo Sales Price: $3.4M
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Average Co-op Sales Price: $1.3M
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Inventory: Down 4.4% Year Over Year (YOY)
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Average Price Per Square Foot: $1,561
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Average Days on Market: 197
Takeaway: Manhattan’s market remains strong, with high demand for luxury condos. Inventory continues to shrink, creating a competitive environment for buyers. The higher average price per square foot reflects Manhattan's premium real estate appeal.
Brooklyn Market Highlights
Brooklyn’s real estate market offers a more approachable price point while maintaining robust activity:
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Contracts Signed: 498
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Average Condo Sales Price: $1.3M
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Average Co-op Sales Price: $680K
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Inventory: Down 5.5% Year Over Year (YOY)
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Average Price Per Square Foot: $986
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Average Days on Market: 125
Takeaway: Brooklyn remains a more affordable alternative to Manhattan, with average prices and price-per-square-foot significantly lower. The drop in inventory mirrors the trend seen in Manhattan, signaling strong buyer interest and potentially reduced options for those looking to purchase.
Key Trends to Watch
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Inventory Shortages: Both Manhattan and Brooklyn saw YOY decreases in inventory (-4.4% and -5.5% respectively). This tightening market can drive competition and support price stability.
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Luxury vs. Affordability: While Manhattan remains the hub for luxury real estate, Brooklyn continues to attract buyers with its more attainable price points and vibrant neighborhoods.
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Days on Market: Properties in Brooklyn are moving faster (125 days on average) compared to Manhattan (197 days), signaling higher buyer demand or quicker decisions.
Which Market is Right for You?
Choosing between Manhattan and Brooklyn depends on your real estate goals:
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Are you seeking the prestige and luxury of a Manhattan property?
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Or do you prefer Brooklyn's mix of value, space, and lifestyle appeal?
Both markets offer unique opportunities for buyers, sellers, and investors alike. As inventory continues to tighten, acting sooner rather than later could make all the difference.
Ready to explore your options? The Randy Baruh Team is here to help you navigate both the Manhattan and Brooklyn markets. Whether you’re buying, selling, or investing, we’ll provide the expertise and insights you need to achieve your real estate goals.