In this month’s market report, we’re breaking down key real estate trends in two of New York City’s most dynamic boroughs: Manhattan and Brooklyn. Understanding the latest data can give buyers, sellers, and investors a sharper perspective on where the market is headed as we enter the final months of 2024. Let’s dive into the numbers.
Manhattan Market Overview
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Condo Market: The average condo sales price in Manhattan reached $2.7 million, with a median condo price at $1.7 million. This indicates strong activity in the luxury condo segment, although not all properties are hitting sky-high numbers.
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Co-op Market: Co-op properties are more budget-friendly, with an average sales price of $1.4 million and a median price of $800,000. This variance shows that Manhattan co-ops remain an attractive option for buyers looking for more affordability in a high-cost market.
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Inventory: Manhattan saw a 1.1% decrease in inventory from September. This decline might mean increased competition among buyers, especially as inventory tightens further toward the end of the year.
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Discounting: Buyers in Manhattan are receiving an average discount of 8%. While sellers may feel the pinch, this discount could encourage price-sensitive buyers to enter the market.
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Days on Market: Properties in Manhattan are staying on the market longer, with a 7.8% increase in average days on market compared to October 2023. This could be a sign of slower buyer activity or perhaps a more selective pool of buyers taking their time before making decisions.
Brooklyn Market Overview
Brooklyn has been drawing increased attention for its mix of urban vibrancy and comparatively affordable options. The October numbers give us a look into how this market is evolving.
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Condo Market: The average sales price for a condo in Brooklyn is $1.3 million, offering a more accessible entry point than Manhattan’s condo market. This makes Brooklyn appealing to buyers looking for space and value.
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Co-op Market: Brooklyn co-ops are even more affordable, with an average sales price of $740,000. This could be ideal for first-time buyers and families seeking cost-effective housing in a desirable area.
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House Market: Detached and semi-detached homes in Brooklyn are selling for an average of $1.6 million. While this is still a significant investment, it offers more space and privacy compared to apartments in Manhattan at similar price points.
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Inventory: Like Manhattan, Brooklyn saw a reduction in available properties, with a 2.1% decrease in inventory from September 2024. With fewer options on the market, buyers may need to act faster to secure desirable properties.
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Days on Market: The average days on market increased by 8.1% from last month, indicating a bit more time for buyers to weigh their options.
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Contracts Signed: One standout stat for Brooklyn is the 27.5% increase in contracts signed compared to October 2023. This suggests strong buyer interest, possibly driven by more competitive pricing and the allure of Brooklyn’s distinct neighborhoods.
Key Takeaways for Buyers and Sellers
The October 2024 data reveals several noteworthy trends:
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Slight Inventory Declines: Both Manhattan and Brooklyn experienced a drop in available listings, tightening the market slightly. For buyers, this means staying vigilant for new listings, while sellers may benefit from reduced competition.
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Longer Days on Market: Properties in both boroughs are taking a bit longer to sell. Buyers may feel less pressured to make quick decisions, while sellers should be prepared for a potentially longer marketing period.
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Discounts and Opportunities: Manhattan’s average discount of 8% could make luxury properties more accessible, while Brooklyn’s lower discount rate reflects a more competitive, stable pricing environment.
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Brooklyn’s Contract Surge: The sharp increase in contracts signed in Brooklyn is an indicator of strong demand. This may make Brooklyn a more attractive market for sellers looking to list, as buyer interest remains high.
In Conclusion
Manhattan and Brooklyn each offer unique advantages and challenges. Manhattan’s market is defined by high prices and significant discounts, while Brooklyn is seeing a boom in contract activity despite a slight increase in days on market. For those navigating these markets, working with a knowledgeable agent and staying updated on monthly trends will be crucial for making informed decisions.
Source: RLS, ACRIS