MANHATTAN & BROOKLYN | Dec 2024

2025 🎉.

Dive into the Corcoran Report for November 2024, uncovering Manhattan’s 24% sales surge, Brooklyn’s strongest November in three years, and record-high condo prices. Explore trends in luxury properties over $5M, including 88% growth in high-end contracts and tightening inventory.

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THE CORCORAN REPORT: NOV
MANHATTAN | CONDOS & CO-OPS

• Increase in Contracts Signed: November 2024 saw 892 reported contracts in Manhattan, a 24% increase year-over-year and the highest November since 2021. This marked the sixth consecutive month of annual growth and the third straight month exceeding 20% growth. The surge was fueled by price adjustments, new inventory, and market confidence.

• Luxury and Condo Markets Excelled: Condo sales rose 37% year-over-year, driven largely by new developments. Contracts for properties priced above $5 million grew by 88%, reflecting strong activity in the luxury market, particularly in prime areas.

• Improved Market Metrics: Average days on market declined slightly by 1% to 124 days. Condo days on the market dropped 4%, while co-ops remained level compared to last year. Inventory saw a sharp decrease, with active listings down 14% annually.

• Price Trends: The average price per square foot rose 10% year-over-year to $1,977. Discounts off the last asking price tightened, averaging -3.2%, a 1.4% improvement from last year.

• Submarket and Price Range Insights: Significant growth was noted across submarkets except for the Financial District and Battery Park City. Notable increases included 45% growth on the Upper East Side and 41% in Upper Manhattan. Contract activity increased across all price ranges, particularly in the $1M-$2M (30% growth) and over $5M segments (88% growth).

THE CORCORAN REPORT: NOV
BROOKLYN | CONDOS & CO-OPS

• Increase in Contract Activity: Brooklyn recorded 308 contracts signed in November 2024, up 5% year-over-year, marking the strongest November since 2021. Condo contracts rose 7%, while co-op sales increased 2%, recovering from a low point in 2023.

• Submarket Performance: Five of eight Brooklyn submarkets showed year-over-year growth in contract activity. The Carroll Gardens/Boerum Hill/Red Hook submarket led with a 90% increase in contracts, while Brooklyn Heights/Cobble Hill/DUMBO/Downtown declined by 30%.

• Price Trends: Contracts increased across all price segments except for those under $1M. The over $3M price range saw the highest growth, with a 58% year-over-year increase. Average price per square foot rose 11% annually to $1,222, driven by strong new development sales.

• Inventory Dynamics: Brooklyn inventory remained constrained, showing the second-lowest November figures in eight years. While condo inventory increased by 14%, co-op inventory declined 2% year-over-year.

• Negotiability and Market Confidence: Negotiability narrowed to an average of 0.4% below the last asking price, reflecting strong buyer confidence. Condo pricing reached a record high, further demonstrating the impact of low inventory and high demand.

THE CORCORAN REPORT: NOV
MANHATTAN | $5M+ CONDOS & CO-OPS

• Contracts Signed: The report focuses on properties with last asking prices over $5M, though some may close below this threshold. November 2024 marked strong contract activity in the luxury segment, continuing recent trends.

• Market Dynamics: Contracts reflect robust interest in high-end properties, driven by pricing adjustments and buyer confidence in premium Manhattan and Brooklyn markets.

• Inventory Insights: Active listings for properties above $5M are a critical segment of the market, with many contracts signed quickly or after strategic price reductions.

• Price Trends: The average price per square foot is calculated based on a blend of asking and closing prices. Significant variances may exist depending on when contracts were signed versus actual sale closure data.

• Days on Market: Many high-end properties were sold within a relatively short time, particularly those with adjusted pricing, reflecting strong demand for luxury offerings.

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