September 2024 Manhattan and Brooklyn Real Estate Market Report 🏙️
September 2024 Manhattan and Brooklyn Real Estate Market Report 🏙️
The September 2024 real estate market for Manhattan and Brooklyn demonstrated notable trends across both sales and rentals. The Manhattan market continued to experience strong demand, particularly in the luxury sector, while Brooklyn showed consistent growth, especially in the $1 million+ segment. Here’s a comprehensive breakdown based on the detailed analysis from both reports:
Manhattan Sales Market Overview (September 2024) 🏡
The Manhattan sales market exhibited robust performance in September 2024, with significant price increases across condos and co-ops. The luxury market continued to thrive, particularly for properties over $4 million.
Key Sales Statistics:
Average Sale Price: 📈 The average sale price for Manhattan properties surged to $2,284,313, reflecting a 20.9% increase from August 2024 and an 11.6% year-over-year rise from September 2023 .
Median Sale Price: 💰 The median sale price climbed to $1,295,000, up 20.5% month-over-month and 17.7% year-over-year, signaling strong buyer interest across property types .
Average Price Per Square Foot: The average price per square foot increased to $1,545, marking a 9.7% rise from August and a 3.3% increase from the same period last year .
Days on Market: 🕒 Properties in Manhattan stayed on the market for an average of 209 days, reflecting an 11.2% increase from August 2024 and a 16.8% rise year-over-year .
Contracts Signed: 📃 There were 636 contracts signed in September, a 13.2% decline month-over-month, but 6% higher year-over-year, indicating a steady pace of market activity despite the slight slowdown from August .
Inventory: Manhattan saw a modest increase in inventory, with 6,644 listings, reflecting an 8.2% rise from August but a 1% decline year-over-year .
Co-op and Condo Market Performance:
Condos:
Average Sale Price: 🏙️ The average sale price for condos rose to $2,895,239, a 15.5% month-over-month increase and a 12.4% rise year-over-year .
Median Sale Price: The median sale price for condos reached $1,710,000, reflecting an 8.2% rise from August and a 15.8% year-over-year growth.
Average Price Per Square Foot: Condo prices averaged $1,763 per square foot, a 6.7% rise from last year .
Contracts Signed: 📝 A total of 360 condo contracts were signed, representing a 3.7% month-over-month decline, but a 44% year-over-year increase.
Co-ops:
Average Sale Price: $1,397,335, showing an 8% rise from August but a 2.9% decline year-over-year .
Median Sale Price: 🏠 The median sale price for co-ops was $900,000, reflecting a 13.2% increase month-over-month and a 10.4% rise year-over-year .
Days on Market: 🕒 Co-op listings remained on the market for an average of 212 days, compared to 169 days last year, showing a longer sale cycle.
Contracts Signed: 264 co-op contracts were signed, a 24.6% decline month-over-month and 22.4% year-over-year decrease, indicating slower movement in this sector.
Manhattan Rental Market Overview (September 2024) 🏢
The Manhattan rental market experienced a cooling trend in September 2024, with median rent prices seeing slight declines. However, demand remained strong in certain segments, as indicated by the frequency of bidding wars.
Median Rent: 📉 The median rent in Manhattan decreased by 3.4% year-over-year, marking the fourth rent decline in five months .
New Lease Signings: Lease signings surged 40.1% year-over-year, driven by expanding inventory, which provided tenants with more options (newyork-nsc-09_2024_new).
Bidding Wars: ⚔️ Despite the slight drop in median rent, nearly 20% of all rentals experienced bidding wars, demonstrating continued competition in high-demand neighborhoods and luxury properties .
Inventory Expansion: Inventory increased for the 13th consecutive month, offering more choices for renters and contributing to the softening of rent prices .
Brooklyn Sales and Rental Market Overview (September 2024) 🏘️
Brooklyn’s real estate market maintained strong momentum in September 2024, with high activity in both the sales and rental sectors.
Sales Market:
Newly Signed Contracts: Brooklyn saw significant growth in newly signed contracts, particularly for properties priced over $1 million. Contracts above this threshold nearly doubled year-over-year, marking the third consecutive month of such activity(newyork-nsc-09_2024_new).
Price Distribution: Properties priced between $500K and $999K saw the most growth, with a 94.3% year-over-year increase in signed contracts. The luxury segment, particularly in the $5M-$9.99M range, saw an 86.7% increase(newyork-nsc-09_2024_new).
1-3 Family Homes: Contracts for 1-3 family homes soared by 262.9% year-over-year, driven by strong demand for larger homes, especially in Brooklyn’s residential neighborhoods(newyork-nsc-09_2024_new).
Brooklyn Rental Market:
Median Rent: 🏢 Brooklyn’s rental market showed a slight 1.4% year-over-year decline in median rent, mirroring the trends seen in Manhattan(newyork-nsc-09_2024_new) .
New Lease Signings: Lease signings increased by an extraordinary 213.2% year-over-year, driven by expanded inventory and competitive pricing(newyork-nsc-09_2024_new).
Bidding Wars: ⚔️ Despite the slight decline in median rent, bidding wars occurred in more than 25% of lease signings, marking the third-highest market share on record for Brooklyn(newyork-nsc-09_2024_new).
Key Takeaways for September 2024 📅
Manhattan: The sales market in Manhattan continues to show remarkable growth, particularly in the luxury condo sector, with strong year-over-year gains in sale prices and signed contracts. The rental market is showing signs of cooling, with lower rent prices but increased tenant competition in certain segments, leading to bidding wars in nearly 20% of transactions.
Brooklyn: Brooklyn’s real estate market remains a hotspot, especially for buyers in the $500K-$999K and $1M+ price ranges. The rental market has also shown resilience, with strong demand leading to competitive bidding despite modest declines in rent prices.
Both Manhattan and Brooklyn are experiencing a dynamic period in the real estate market, with buyer and renter demand driving activity across a variety of property types and price segments. Whether you are looking to buy or rent, Yeo Real Estate can help you navigate the market and find the perfect property to meet your needs.