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

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

Key Points

Manhattan 

Contracts saw a modest improvement in August compared to last year, up by just 1%. But this was the third month in a row that contracts increased on an annual basis, signaling the impact of improved interest rates. 

Overall price per square foot in the borough declined both on an annual and monthly basis. But coops did see an increase thanks to some luxury sales in excess of $2500 per square foot. 

Buyers, however, still had more negotiating power compared to sellers. The negotiability factor stood at 5.4% below asking, an increase of 2% compared to last year. 

Brooklyn 

Brooklyn saw a significant uptick in contracts signed compared to August 2023. Deals were up 17% compared to the prior year. This was likely spurred by a combo of falling interest rates and much improved inventory. Listings were up 34% compared to the same time last year. 

The average price per square foot inched downwards by 2% thanks to an increase in sales below $1 million in South Brooklyn. Even with lower interest rates, buyers are still choosing the area due to the value it offers. 

Despite positive trends for buyers, sellers still held a slight edge. The negotiability factor was at 0.2% above asking for the month. 

What’s Next

The market may be poised for a significant change now that the Fed has finally cut interest rates. But how much of a change is anyone’s guess (but here’s one projection).

It may largely depend upon what happens with inventory. More buyers may be motivated to look now that their purchasing power has increased. But if there’s not much out there to consider, then they may become demoralized and go back to the sidelines. So it’s my belief that if we see a meaningful uptick in inventory, then more robust sales are likely to follow. 

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