In August 2024, the New York City real estate market exhibited both resilience and subtle shifts. Home prices continued to rise, with the median listing price increasing by 4.3% year-over-year in the Northeast, including New York. In particular, the New York metro area saw significant price-per-square-foot growth of 69.3% compared to pre-pandemic levels in August 2019 (Realtor).
Brooklyn’s condo market also surged, with prices increasing nearly 10% from last year, reaching an average of $1.1 million(Norada Real Estate Investments).
New condo listings have overtaken co-op listings for the first time since 2019, reflecting a shift in buyer preferences toward the more flexible financing options that condos offer(Norada Real Estate Investments).
However, overall housing inventory remains tight despite the increased listings, keeping competition high across the city(Norada Real Estate Investments)(NYC Real Estate).
Additionally, price reductions became more common, with 19.3% of homes seeing cuts compared to 16.2% in the previous year(Realtor).
This suggests sellers are adjusting to evolving buyer demand, particularly in areas where prices are plateauing.
Despite inventory challenges, there is still strong interest, particularly in homes under $750,000, with increased activity in neighborhoods like Queens(Norada Real Estate Investments).
Mortgage rates also trended downward, improving affordability and encouraging more buyers to enter the market(Norada Real Estate Investments).
Overall, the market remains competitive but balanced, with opportunities for both buyers and sellers depending on their price range and preferred borough.
