MANHATTAN & BROOKLYN | Jan 2025

Rates.

December 2024 was a fascinating month for NYC real estate. Luxury contracts and new devs boosted Manhattan sales by 19%. Brooklyn saw a 21% drop in transactions, mostly at the low end. As interest rates fluctuated near recent highs, mortgage rates influenced purchasing behavior. These patterns show how the city's real estate sector is changing.

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THE MONTHLY REPORT: DEC
MANHATTAN | CONDOS & CO-OPS

• Surging Contract Activity: Manhattan sales rose 19% year-over-year in December 2024, marking the strongest December since 2021. This growth reflects increasing market confidence, price adjustments, and an improved economic outlook. Luxury contracts (above $5M) saw a 70% increase, driven by new developments.

• Market Segment Insights: Condo contracts surged 48% year-over-year, while co-op sales remained steady. Significant growth was seen in contracts priced between $3M and $5M (90%) and in the Financial District/Battery Park City submarket (61%).

• Inventory and Pricing Trends: Manhattan’s listed inventory fell to a four-year December low, declining 8% year-over-year. The average price per square foot rose 17% to $2,110, with high-end contracts (above $3,000 per square foot) nearly tripling.

• Negotiability and Days on Market: Discounts on last asking prices tightened to an average of 2.6%. However, average days on market increased by 9%, influenced by long marketing timelines for new developments.

THE MONTHLY REPORT: DEC
BROOKLYN | CONDOS & CO-OPS

• Decline in Contract Activity: Brooklyn’s sales activity fell 21% year-over-year, making December 2024 the slowest in at least eight years. The decrease was primarily driven by a 33% decline in sales under $1M. Sales over $1M remained steady, with some submarkets experiencing growth due to new developments.

• Mixed Submarket Performance: Submarkets like Fort Greene, Carroll Gardens, and Kensington saw gains of up to 44%, while others, such as South Brooklyn and Bedford-Stuyvesant, experienced significant declines (58% and 36%, respectively).

• Inventory and Pricing Trends: Active listings rose by 13% year-over-year, reaching 1,427 units. The average price per square foot surged to a record $1,315 (+19%), driven by limited inventory and a shift toward higher-end new developments.

• Negotiability Tightens: Discounts off the last asking price averaged just 0.6%, reflecting limited negotiability, particularly in the co-op market, which maintained a firm stance for the 18th consecutive month.

THE MONTHLY REPORT: DEC
MANHATTAN | $5M+ CONDOS & CO-OPS

• Luxury Market Surge: December recorded 78 contracts over $5M, a 70% year-over-year increase and the third strongest December in a decade. Luxury contracts have risen 70% annually since September, with new development sales more than doubling compared to 2023.

• Declining Inventory: Listed inventory over $5M dropped 14% year-over-year to 876 units, the lowest level since January 2022. Downtown experienced the largest annual decrease in active listings, down 19%.

• Marketing Time Trends: Average days on market for luxury properties fell 2% year-over-year to 216 days, driven by quicker sales in new developments, though resale condos and co-ops saw an increase in marketing time.

• Rising Price Per Square Foot: The average asking price per square foot rose 15% year-over-year to $3,468, with multiple contracts surpassing $6,000 per square foot, including a record-breaking resale at 220 Central Park South at over $11,000 per square foot.

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