It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for March 2024 in Manhattan and Brooklyn. 

To view the full NYC sales market monthly update for March 2024, click here. And to view stats for the previous month, click here. 

Key Points

Manhattan 

Contracts signed were up in Manhattan compared to February but were down 11% compared to March 2023. This was the lowest level seen since March 2020. But it’s worth noting that this level was still higher than March 2019, when the real estate market was in a slump. 

Aside from a drop in days on market on both a monthly and annual basis, good news mostly favored buyers. Inventory showed modest increases compared to February, in line with seasonality.  And the overall price per square foot was down thanks to a higher share of sales under $1 million. 

But the biggest piece of good news was the negotiability factor. It stood at 6.1% below asking, led by deep discounts at new developments. This was the biggest discount we’ve seen since December 2022. 

Brooklyn 

Contracts signed were down in Brooklyn compared to March 2023, but they were up a strong 20% compared to February. This was the highest level of signed contracts seen in the borough since June 2023, spurred by strong sales in new development. 

The listings situation continued to stymie buyers. Inventory was down 17% compared to the prior year. But sales listings did increase on a monthly basis, which is what we would expect to see this time of year. 

Nonetheless, the ball is most certainly not squarely in sellers’ court. Even though days on market were down markedly compared to February, the average price per square foot declined both month over month and year over year. 

Additionally, the negotiability factor remained stuck. It stood at 0.7% below asking. This marks the 17th month out of the last 20 months when it’s been within 1% of asking. 

What’s Next

Things are looking up for buyers in Manhattan in particular, despite higher interest rates. 

Although listings are below the historical 5 year average for March, some segments such as studios and 1 bedrooms are seeing solid inventory levels. And the negotiability factor clearly indicates there’s a lot of value to be had for those willing to make their move. 

Things remain tougher for Brooklyn buyers due to the shortage of listings plus competition. 

But like their Manhattan counterparts, inventory is looking better for smaller apartments like studios and 1 bedrooms. And we can still expect an increase in inventory over the next month or so. Sellers who are committed to selling are more likely than any other time of year to list their homes during the spring. 

If you’re ready to find a new place to buy, then make sure you’re prepared! Get pre-approved! Understand your finances! And get my FREE First Time Buyer’s Guide!