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

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

Key Points

Manhattan 

Manhattan saw a 22% year over year increase in sales during the month of September. This was the first double digit increase the market’s seen since December 2021. 

The average price per square foot ticked up modestly both on an annual and monthly basis, with both coops and condos increasing. 

Inventory remained flat compared to the prior year and days on market ticked downward, all good news for sellers. But buyers still maintained an advantage, since the negotiability factor stood at 3.4% below the asking price. 

Brooklyn 

Brooklyn saw a strong year over year increase in signed contracts – to the tune of 36%. But other factors tilted in favor of buyers. 

Listings were up on both an annual and monthly basis – a stark difference compared to earlier in the year. And the average price per square foot declined both year over year and month over month. But this was largely due to a higher number of sales in South Brooklyn. 

The best news for buyers? The negotiability factor stood at 1.5% below asking, which was one of the deepest discounts seen for buyers in the borough in about 20 months. 

What’s Next

October may be poised to see some month over month and year over year gains thanks to stable and improved inventory, especially in Brooklyn. 

But interest rates haven’t quite caused the flurry of activity once hoped for. In fact, since the Federal Reserve’s rate cut, mortgage interest rates have actually been rising. While they’re still much lower than they were earlier in the year, this may cause some buyers to cool their jets. 

But on the flip side, slower sales activity may lead to motivated sellers to cut prices which could result in more opportunities for buyers still on the hunt. So if you’re eager to find a place, you should still keep your eyes peeled. 

Thinking of trying to own your slice of the Big Apple? Make sure you’re prepared! Get pre-approved! Understand your finances! And get my FREE First Time Buyer’s Guide!