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.
