Manhattan luxury sales surged as inventory decreased. Days on market rose year-over-year, while average price per square foot fell versus 2023.

In Manhattan, renters experienced a welcome decline in the median rent during November, as it decreased 3% from October while rising 1% year-over-year. Across the river in Brooklyn, median rent declined 2% from October and 1% from November 2023. This

Robust contract activity was seen across all price ranges and submarkets, while average price per square foot increased and discounts shrank.

Last month saw the strongest November sales in three years, with low inventory driving condo pricing to a new high.

October 2024 had 80 sales over $5M, up 54% year-over-year, the second strongest October in eleven years.

Condo contracts increased 12% year-over-year, and co-op sales jumped 36% from a low point last year.

In October 2024, Manhattan sales surged 27% year-over-year to 1,066 reported contracts.

The Brooklyn real estate market report continued to show mixed indicators in the Third Quarter of 2024.