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.

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.