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

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

Key Points

Manhattan 

Contract signings surged on an annual basis by 24% marking the best November for the market since 2021. But it’s worth noting that this November’s market performance was a far cry from November 2021. Back then, the Manhattan market notched nearly 1400 signed contracts. And sales were still down by 16% compared to the prior month of October. 

The average price per square foot was up by 10% compared to November 2023. But this was due to a higher number of deals with an average price per square foot in excess of $3000. 

Buyers lost a little bit of their leverage compared to previous months. Active listings were down by double digits both month over month and year over year. And the negotiability factor sat at 3.2% below asking (compared to 4.4% in October).

Brooklyn 

Contract signings also increased in Brooklyn on an annual basis. But the increase was more modest compared to Manhattan – just 5%. Like Manhattan, this was also the best November since 2021. But it was still well below the 500+ contracts signed in November 2021. 

The average price per square foot increased on an annual basis by 11% thanks to strong new development sales activity over the $2000 mark. But even co-ops saw strong gains with the average price per square foot up 16% compared to the prior year. However, this may have been due to more sales in higher priced areas (and for larger homes) rather than a market wide increase.  

Despite higher prices, there was good news for buyers. The borough saw listings increase on an annual basis. And the negotiability factor sat at 0.4% below asking. This was only the second time since July that this metric was actually below the asking price.

What’s Next

Mortgage rates have stabilized a bit since the election, and the Fed just cut interest rates to close out the year. But concerns about inflation plus news that the Fed expects to do fewer rate cuts next year was met with dismay by the market. And this resulted in mortgage rates heading higher than expected.

Even with higher rates, it wouldn’t be unusual to see a month over month increase in sales activity in December. Sometimes buyers are eager to get into contract or get deals wrapped up before year end for a variety of reasons. But recent events could cause more buyers to hit the pause button and wait until next year.

Inventory is likely to stay muted due to the holiday season and sellers choosing to wait until the new year to list their properties. But that being said, this means any sellers who do list may face less market competition. And buyers should take note that any sellers who choose to sell their property this time of year are likely quite motivated. 

If you’re 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!