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October 2022 Market Report: Manhattan & Brooklyn

November 29, 2022

The Randy Baruh Team here with October's Market Report for Manhattan and Brooklyn! Higher interest rates and economic volatility continued to impact the Manhattan market while the low inventory in Brooklyn has listings flying off the shelves. 

This past month saw 796 contracts signed in Manhattan and 282 signed in Brooklyn. At 126 days, October saw the longest average days on market for Manhattan this year but it’s still well below the overall average of the last two years. Alternatively, Brooklyn’s limited inventory has pushed the average days-on-market to well below 90 days, with co-ops spending less than 78 days on the market.

Manhattan buyers had over 7,500 apartments to select from, the highest level since June 2021 and an increase of 12% from September and 5% from October 2021. More than 70% of sales traded below their last ask (compared to 60% in October 2021) with an average discount of 4.4%.

Comparatively, Brooklyn buyers had just under 2,000 homes to choose from, a 10% increase from September but a 16% decrease from October of last year. More than half of Brooklyn’s sales were sold at or above the last asking price, however, 7% of sales sold with a discount over 10%. 

In both markets, listings above $5M fell the most, while contracts under $1M saw the least change. In Manhattan, the overall average price per square foot fell 5% from last year to $1,811 but remained above the two-year average of $1,785. While Condo price per square foot continues to fall by modest amounts, Co-op price per square foot has decreased by double digits for the third month in a row. Brooklyn’s average price per square foot has increased from last month but at $1,200, it's still lower than this time last year, and co-ops are averaging around $450 less per square foot than condos.

Manhattan at a glance:

To read the full report, click here.

  • 796 contracts signed
  • 126 average days on market
  • 7,511 homes in the inventory
  • $1.097M median price
  • $1,811 Average price per square foot

Brooklyn at a glance:

To read the full report, click here.

  • 282 contracts signed
  • 82 average days on market
  • 1,926 homes in the inventory
  • $895K median price
  • $1,210 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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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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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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Before & After: A Humdrum Home in Brooklyn Receives a Stylish Revamp

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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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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

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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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