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

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

Key Points

Manhattan 

Signed contracts showed a typical seasonal decline of 12% compared to May. But they were up 1% compared to 2023. 

Other market indicators were a bit mixed but seemed to cut more in favor of buyers. Active listings were up both monthly and annually. However, days on market declined for the same time periods. This was due to fewer sales listings on the market that had previously lingered for a while. 

Meanwhile, average price per square foot was down a sharp 12% compared to last year this time, mostly due to condos which saw a 15% annual decline. This meant buyers continued to hold a price advantage, with the negotiability factor at 4.2% below asking. 

Brooklyn 

Signed contracts were down a steep 20% in the borough compared to May and declined 6% compared to June. But buyers saw some much needed improvement in overall inventory, with listings up 15% compared to last year. This increase brought the total number of listings more in line with historical numbers for June.

A decline in coop prices (thanks to a high number of sales in South Brooklyn) offset gains seen for condos. This resulted in prices declining in the borough compared to June 2023. And the negotiability factor sat at 0.4% below asking, signaling a continuing stalemate between buyers and sellers. 

What’s Next

Recent positive news about economic growth along with cooling inflation is raising hopes of a long awaited interest rate cuts in the fall. Some are hoping that it could come as soon as September. Meanwhile, mortgage rates have held fairly steady for the last few weeks, but are quite a bit lower than they were earlier in the year during spring. 

This renewed optimism plus improved inventory in both boroughs along with persistently high rents may prompt some would-be buyers to look at home shopping. But interest rates are still far higher than they have been in recent years. So the more likely outcome is that we might see sales improve on a year over year basis, but still be below historical trends. 

That being said, lower asking prices and less competition certainly presents great opportunities for buyers intrepid enough to enter the market during the summer months. So 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!