The Randy Baruh Team is here with Q2 market report for Manhattan and Brooklyn. As we indulge in the warm weather and make the most of your summer season of 2024, we are excited to observe, follow, and relay the current market conditions!
Manhattan at a Glance:
to read the full report, Click HERE.
- 2704 contracts were signed
- 197 average days on market
- 6,465 homes are in the inventory
- $1,457 average price per square foot
Brooklyn at a Glance:
to read the full report, Click HERE.
- 1,870 contracts were signed
- 143 average days on market
- 3,345 homes are in the inventory
- $898 Average price per square foot
Here's the scoop on the Manhattan and Brooklyn real estate markets for Q2 2024!
In Manhattan, we saw 2704 contracts signed, the luxury brackets of $10M-$20M and $20M+ price brackets showing significant increases in signed contracts, climbing by 32.4% and 8.3% year-over-year. The average days on the market were 197 days, with 6,465 homes in the inventory, there were 6.6% more condo listings this quarter, while co-ops saw 3.9% fewer new listings. Manhattan is providing greater room for bargaining, with an average price of $1,457 per square foot.
Changing our focus to Brooklyn, 1,870 contracts were signed, despite facing challenges such as record-low inventory rates, which were down 7.6% from last year, the Brooklyn market managed to witness a 4% seasonal increase for the quarter. The average days on the market were 143, with 3,345 homes in the inventory, properties priced at $2M and above constituted 22.5% of this quarter’s inventory, marking a record high and contributing to the uptick in signed contracts. Brooklyn’s market remains dynamic, with an average price of $898 per square foot.
Keep checking back for more updates on my market insights and the ever shifting New York City real estate scene!