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

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

Key Points

Manhattan 

Sales declined compared to June, as typical of seasonality. But they were stronger compared to July 2023 (up 11%). After rising for 3 months straight, inventory fell by a notable 15% but it was still slightly higher compared to last year at the same time. 

In some good news for sellers, the average price per square foot increased on both an annual and monthly basis. But this was largely due to a number of luxury sales in excess of $3000 per square foot. Overall, buyers were still calling the shots on pricing, with the negotiability factor sitting at 3.9% below asking. 

Brooklyn 

Brooklyn saw signed contracts decline on both an annual and monthly basis. But the month over month decline was modest (2%). Although inventory declined compared to June, it was up a whopping 33% compared to last July. The consistent increase in listings may be a signal that the inventory constraints in Brooklyn may finally be easing. 

Price per square foot stayed fairly steady – going down by 2% compared to last year but up 2% compared to June 2024. And sellers finally had just a little bit more of an edge, with the negotiability factor at 1.1% above asking for the month. 

What’s Next

Inflation measures once again posted encouraging results for July, with rises in consumer prices falling to levels not seen since 2021. And this is boosting overall confidence that a Fed interest rate cut will be coming soon. There are some increasing concerns that the US economy could be headed for a recession. But, historically speaking, recessions don’t actually impact the housing market as much as people think and, in fact, may lead to lower interest rates. 

If you’re a regular reader of my blog, then you’ll know that I don’t advocate for trying to time the market. But there could potentially be a good combination of lower prices and lower interest rates in the next few months which could present some good opportunities. 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!