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Our reports highlight the prevailing trends shaping each submarket from the most recent quarter. As your trusted real estate experts, we aim to provide a clear understanding of any research, data analytics, and commentary on key developments.
Manhattan
Market Report
An inventory shortage and higher-than-usual rates compared to the five-year average continued to drive trends in Manhattan's residential real estate market during the fourth quarter of 2023. Prices rose to the highest numbers seen since 2018 both for condos and co-ops, despite closed sales falling 10.2% year-over-year. Most importantly, a 7.6% increase in contract activity this quarter highlights positive movement as we transition into 2024…
Brooklyn
Market Report
This quarter, Brooklyn faced the challenge of an inventory shortage head-on, enduring a decrease of 14.6% year-over-year and 32.1% quarter-over-quarter, dropping below 3,000 active properties for the first time since 2014. Accordingly, prices were generally up across the borough for the last asking price, climbing 5.0% and 10.9% in average and median price, respectively. Contracts fell 3.7% year-over-year and 3.5% quarter-over-quarter, aligning with pre- 2020 trends.
Queens
Market Report
Amid the fluctuations in the 2023 market, Queens experienced a distinctive transformation in its housing sector, showcasing the resilience and adaptability that show promise for a positive trajectory moving forward. Queens underwent a decrease in inventory, with a decrease of 13.9% year-over-year and 25.1% quarter-over-quarter, with 5,640 properties actively listed by the end of Q4 2023. Despite low inventory, contracts were up 8.9% year over year, mostly attributed to a large increase in condo transactions as well as improvement in both house and co-op signings…
