As the crisp autumn air settles over New York City, the real estate market tells a story of shifting tides, surprising surges, and a few cautionary notes. Queens, Brooklyn, and Manhattan each have their own unique narrative this November, painting a vivid picture of what’s happening in one of the world’s most dynamic housing markets. Let’s dive into the details.
Queens: Steady but Slowing
Queens, the borough of diversity and charm, is holding its ground but showing signs of a slowdown. Inventory dropped by 11% from October, with 5,189 properties currently on the market. While the average sale price nudged up slightly to $718,779, the median price took a dip to $640,647, hinting at a cooling demand for midrange homes.
Homes are lingering a bit longer on the market, averaging 102 days, up from 98 in October. Contracts signed also fell by 14.5%, with only 777 deals inked this month. Central Queens remains the star of the show, accounting for 46% of inventory, while condos are the most soughtafter, making up 30% of contracts signed. It seems buyers are being pickier, taking their time to find the perfect fit.
Brooklyn: The Comeback Kid
Brooklyn, the borough of brownstones and hipster havens, is making a strong comeback. Inventory dipped slightly by 4.5%, but the real story is in the prices. The average sale price soared to $1,332,036, a 7.1% jump from October, while the median price climbed to $1,027,500, up 8.2%. Clearly, Brooklyn’s allure isn’t fading.
Homes are selling faster too, with days on market dropping to 116, a 17.1% improvement from October. However, contracts signed fell by 9.5%, with 498 deals closed. North Brooklyn and Northwest Brooklyn are the hotspots, and condos are leading the charge, making up 42% of contracts signed. Brooklyn’s market is heating up, but buyers are acting with purpose, snapping up properties quickly.
Manhattan: The Luxury Leader
Manhattan, the crown jewel of NYC real estate, continues to dominate with its skyhigh prices and luxury offerings. Inventory dropped by 4.4%, but the average sale price skyrocketed to $2,456,936, a staggering 21.6% increase from October. The median price also rose to $1,230,000, up 14.2%. Manhattan’s market is clearly in a league of its own.
However, homes are taking longer to sell, with days on market climbing to 197, up 8.8% from October. Contracts signed fell by 17.4%, with 762 deals closed. The Upper East Side and Downtown Manhattan are the most active neighborhoods, and condos are the clear favorite, making up 49% of contracts signed. Manhattan’s luxury market is thriving, but buyers are taking their time, perhaps waiting for the perfect penthouse or townhouse to come along.
The Bigger Picture: What’s Driving the Market?
Across all three boroughs, a few key trends emerge. Inventory is down, signaling a tighter market, and contracts signed are declining, suggesting buyers are becoming more cautious. Yet, prices are rising, especially in Brooklyn and Manhattan, indicating that demand remains strong for the right properties.
Brooklyn is the standout this month, with faster sales and rising prices, while Manhattan continues to command top dollar for its luxury offerings. Queens, though slowing, remains a steady player, offering more affordable options for those willing to wait.
What’s Next for NYC Real Estate?
As we head into the holiday season, the market may continue to cool, with buyers and sellers alike taking a breather. But one thing is clear: New York City’s real estate market is as dynamic as ever, with each borough offering its own unique opportunities and challenges. Whether you’re hunting for a cozy Queens condo, a trendy Brooklyn brownstone, or a luxurious Manhattan penthouse, now is the time to keep a close eye on the market—deals are out there, but they’re moving fast.
Here is a summary of the key insights from the three market reports for Queens, Brooklyn, and Manhattan for November 2024:
Queens Market Insights (November 2024)
Inventory: Total inventory decreased by 11% from October 2024, with 5,189 properties listed.
Sales Prices:
Average sale price: $718,779 (up 1.8% from October 2024).
Median sale price: $640,647 (down 4.3% from October 2024).
Price Per Square Foot: $635 (down 1.1% from October 2024).
Days on Market: 102 days (up 4.1% from October 2024).
Contracts Signed: 777 contracts (down 14.5% from October 2024).
Neighborhood Highlights: Central Queens had the highest inventory share (46%), while condos made up 30% of contracts signed.
Brooklyn Market Insights (November 2024)
Inventory: Total inventory decreased by 4.5% from October 2024, with 3,178 properties listed.
Sales Prices:
Average sale price: $1,332,036 (up 7.1% from October 2024).
Median sale price: $1,027,500 (up 8.2% from October 2024).
Price Per Square Foot: $885 (up 6.6% from October 2024).
Days on Market: 116 days (down 17.1% from October 2024).
Contracts Signed: 498 contracts (down 9.5% from October 2024).
Neighborhood Highlights: North Brooklyn and Northwest Brooklyn were active, with condos making up 42% of contracts signed.
Manhattan Market Insights (November 2024)
Inventory: Total inventory decreased by 4.4% from October 2024, with 6,226 properties listed.
Sales Prices:
Average sale price: $2,456,936 (up 21.6% from October 2024).
Median sale price: $1,230,000 (up 14.2% from October 2024).
Price Per Square Foot: $1,561 (up 10.1% from October 2024).
Days on Market: 197 days (up 8.8% from October 2024).
Contracts Signed: 762 contracts (down 17.4% from October 2024).
Neighborhood Highlights: The Upper East Side and Downtown Manhattan were the most active, with condos making up 49% of contracts signed.
Key Trends Across All Boroughs:
Inventory Decline: All three boroughs saw a decrease in inventory compared to October 2024.
Price Increases: Average and median sale prices increased in Brooklyn and Manhattan, while Queens saw a slight decline in median prices.
Days on Market: Brooklyn saw a significant decrease in days on market, while Manhattan and Queens experienced increases.
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