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October 2023 Market Report: Brooklyn and Manhattan

November 16, 2023

The Randy Baruh Team here with you October's market report for Brooklyn and Manhattan. We are seeing contract activity and days on market figures improve compared to a year ago in Manhattan and an increase in month-over-month increase than the seasonal norm over the bridge in Brooklyn. 

 

Manhattan at a Glance: 

to read the full report, click here.

  • 838 Contracts Signed
  • 125 Days on market
  • 7,254 Active listings
  • $1,699 average price per square foot

Brooklyn at a Glance: 

to read the full report, click here.

  • 266 Contracts Signed
  • 105 Days on market
  • 1,690 Active listings
  • $1,117 average price per square foot

 

At the close of October, Manhattan’s contract activity saw a 3% decline, however the overall market-wide listed inventory remained historically high, standing 2% above its 10-year October average. The decline in year-over-year numbers can be attributed to a scarcity of new listings and minimal new development openings, as sellers remain cautious about relinquishing their homes with favorable mortgage rates. The average price per square foot fell for the ninth time in 12 months, experiencing a 6% annual decrease to $1,699. This represents a 15% decline from its post-pandemic peak of $1,998 per square foot in July 2021. Discounts deepened, averaging 5.0% off the last asking price, indicating a 2% increase from a year ago, relating to prices declining as negotiability deepens. 

In October, Brooklyn contract activity saw a 6% year-over-year decline, marking the nineteenth consecutive annual decrease. Despite this, it's worth noting that this reduction is the smallest among the past nineteen months, with this year's 41% jump surpassing the increases observed in the last five years. Notably, half of the submarkets experienced heightened activity compared to September, with the majority showing double-digit increases. South Brooklyn exhibited the most significant increase, rising by 63% (26 additional sales).The $2M to $3M price segment was the sole category with an annual increase, up by 40% (8 additional sales), thanks to heightened sales in Williamsburg and Dumbo. Despite an overall decline in sales under $1M by 10%, this category continued to dominate with the largest share of contracts at 59%.

Stay tuned for more updates on the ever-evolving New York real estate landscape.




Featured Press & Media Posts

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

By The Randy Baruh Team / August 11, 2023

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

By The Randy Baruh Team / August 11, 2023

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Greenwich Village Residence Where Kate Moss Lived in the '90s Seeks $15.5M

By The Randy Baruh Team / August 11, 2023

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If You're Not Leaning Into Video and Social, You're Going to Get Passed By

By The Randy Baruh Team / August 11, 2023

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How Randy Baruh Uses AI for Real Estate Listings

April 11, 2023

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Brooklyn Real Estate Six Months Later: Two Sold, One in Contract, One Still Available

By Brownstoner / May 15, 2020

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Top 10 Brooklyn Real Estate Listings: A Finish Co-op in Sunset Park, a Crown Heights Limestone

By Brownstoner / November 24, 2019

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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

By Brownstoner / August 8, 2019

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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

By Brownstoner / September 11, 2018

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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

By Brownstoner / April 1, 2018

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

By Brownstoner / March 23, 2018

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Shape up: five homes for fitness

By Brownstoner / January 12, 2018

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

By Brownstoner / January 8, 2018

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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

By Corcoran / October 2, 2017

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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

By Brownstoner / January 16, 2001

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