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

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

Key Points

Manhattan 

Manhattan saw its strongest October since 2021, with sales surging 27% compared to last year this time. Lower interest rates, more inventory and price improvements motivated buyers to get off the sidelines. 

The increase in activity was reflected in inventory, which declined on an annual basis and remained flat month over month as more listings found buyers. But even with the boost in activity, buyers remained in the driver’s seat with the negotiability factor at 4.4% below asking.  

Brooklyn 

Brooklyn saw a very strong month as well since October 2021 with a third consecutive month of annual sales gains. Contracts signed saw a healthy 20% gain over the previous year. 

But inventory slowed down compared to previous months, with this October seeing one of the lowest levels in nearly 8 years. Thanks to tighter inventory, sellers held a slight upper hand over buyers, with the negotiability factor sitting at 1.0% above asking. 

What’s Next

Although the election is behind us, a lot remains murky ahead given the lack of clarity around the impacts of the new administration’s economic policies. And this in turn makes it a bit harder to predict what the Federal Reserve may or may not do. Mortgage interest rates went higher immediately after the election but have bounced around within the same range since. 

It’s also unclear whether or not the results of the election may cause an uptick in activity in November or a chill on activity. On the one hand, some folks may decide they’d rather get locked into a new home before the new administration. While others may want to wait and see what happens before making any major moves. 

But regardless of what happens, one thing is certain not to change – the decision about whether or not to buy will always be individually based. So 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!