In November 2024, New York City’s real estate market showed mixed trends across rentals and sales, reflecting both seasonal shifts and broader economic conditions.
Rental Market:
- Manhattan saw a notable 4.6% month-over-month decrease in median rents, with the median now at $4,000, a 9.1% drop from August’s peak of $4,400. This decline is partly due to a growing inventory driven by stricter rental laws and landlords competing to attract tenantsProperty NestBrick Underground.
- Brooklyn and Queens continue to offer more affordable options, with rents stabilizing or slightly decreasing. The Bronx remains the most affordable borough for rentalsProperty NestNorada Real Estate Investments.
Sales Market:
- Despite a rise in new listings, overall inventory remains tight, especially in the lower-priced segment under $750,000. Buyers are regaining leverage as mortgage rates have begun to decline, encouraging more activity. However, price cuts on some properties indicate sellers adjusting their expectationsProperty NestNorada Real Estate Investments.
- New condo developments are increasing, particularly in Manhattan and Brooklyn, marking a shift in buyer preferences toward less restrictive ownership options compared to co-opsNorada Real Estate Investments.
Broader Market Dynamics:
- Seasonal trends have returned, with winter slowing activity in both rentals and sales. The easing of mortgage rates is expected to revive buyer interest, creating a more balanced market heading into 2025Norada Real Estate InvestmentsBrick Underground.
Let me know if you’d like detailed borough-specific insights or help interpreting these trends for your real estate business
