October Newsletter sent

In September, New York City’s real estate market buzzed with energy, bringing exciting shifts across Manhattan and Brooklyn following the first FED announcement of rate cuts.

Manhattan borough saw a surge in total listings, with 7,712 homes hitting the market—a massive 14.1% increase from August. The rise in inventory gives buyers more options. Speaking of demand, the resale market kept up its momentum, with 719 signed contracts—a 3% increase compared to August. Steady, yes, but it’s clear that the resale market remains a strong player in Manhattan’s property scene. However, the real headliner? New development contracts, which jumped by 14.6%, bringing the total to 141 signed contracts. Developers are clearly winning the spotlight, as buyers continue to be drawn to the allure of sleek, amenity-filled buildings with all the latest bells and whistles.

Brooklyn, always doing its own thing, also saw some interesting movement. The borough had a strong boost in listings, with 3,300 homes now up for grabs—up 11% from August. If you’re a buyer who loves Brooklyn’s charm, it’s an exciting time for buyers who crave that unique Brooklyn vibe. The resale market in Brooklyn also held steady, with 451 contracts signed—up 2% from last month. It's a slow but steady climb, and buyers seem to still love those well-loved Brooklyn homes. But unlike Manhattan, Brooklyn's new development market had a bit of a rough patch. Only 61 new development contracts were signed, representing a 32% drop. Maybe it’s just a temporary cool-off, or maybe resale is king in Brooklyn for now, as buyers opt for the charm of pre-war homes over brand-new construction.

The luxury real estate market truly stole the show, setting itself apart as one of the most exciting sectors in the broader property landscape. The month saw a remarkable 97 contracts signed for high-end properties, far exceeding the 10-year average of 71 contracts. This spike signals that demand for luxury homes remains as strong as ever, driven by both domestic and international buyers eager to invest in New York’s exclusive real estate offerings.

What do we see in the “field”? The market is showing resilience across the board, with more buyers coming off the sidelines empowered by the promise of the rates going down and the confidence in the US economy. Sellers are taking advantage of the moment, with more listings hitting the market, despite the still below-average inventory. This mixed but generally positive activity suggests a balanced market with opportunities for both buyers and sellers as we head deeper into Fall.

Yours
Daniel

'Tis the season to get spooky! But beyond the best Halloween events, there are also plenty of other awesome NYC events in October 2024. Plan the quintessential month for fall foliage spotting, pumpkin picking, Oktoberfest beer drinking, and more things to do in the fall.

Kick off fall with some epic cultural events you don't want to miss like Open House New York, major exhibits at The Met, and a delicious food and wine festival.