The Randy Baruh Team is here with September's market report for Manhattan and Brooklyn. As we commence the fall season of 2024, we are excited to observe, follow, and relay the current market conditions!
Manhattan at a Glance:
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- 636 contracts signed
- 209 average days on market
- 6,644 listings on the market
- 7% average discount
Brooklyn at a Glance:
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- 425 contracts signed
- 122 days average on market
- 3,436 inventory listings on market
- 4% average discount
Here's the scoop on the Manhattan and Brooklyn real estate markets for September 2024!
In Brooklyn, we saw 425 contracts get inked-up by 1.7% from last year. Homes are hanging out on the market a bit longer too, averaging 122 days, which is a 10.9% bump from August 2024. September brought us 3,436 active listings, marking a 9.7% rise from the previous month but a 6.2% dip from last year. Bargaining power is holding steady with an average discount of just 4%.
Turning our attention to Manhattan, it's buzzing with 636 contracts signed last month, a solid 6% increase from last year. Properties are taking their time, spending an average of 209 days on the market—up by 11.2% from August. Inventory remains tight with 6,644 listings, an 8.2% boost from last month but still down 1% year-over-year. If you're looking to negotiate, Manhattan does have more room for negotiation, with an average discount of 7% in September.
Stay tuned for more updates on the ever-changing real estate landscape in New York City and more of my market insights!