With plenty of options for apartment-seekers, including a significant number of new developments in neighborhoods like Downtown Brooklyn, the borough of Brooklyn outperformed in December. While Manhattan will always have a unique appeal as the ‘heart’ of our city, it

The Brooklyn real estate market demonstrated its resilience in the Fourth Quarter of 2024. Despite a dip in closed sales, the 3% annual rise in contract signings highlights the market's strength and buyers' continued interest in this dynamic borough.

In December 2024, Manhattan sales increased 19% year-over-year to 820 reported contracts, the strongest December since 2021. This was the seventh consecutive month that contracts increased on an annual basis and the fourth consecutive that sales improved by double-digits year-over-year.

At 210 reported contracts, this was the slowest December in at least eight years. Condo contracts decreased 10% year-over-year while co-op sales dropped more significantly, falling 37%.

December 2024 had 78 contracts over $5M, up 70% year-over-year, the third strongest December in ten years. New development sales more than doubled versus last year.

The Manhattan market roared back to life in the Fourth Quarter of 2024. Lower prices, a dip in mortgage rates, and a bullish economy caused sales to surge.