NYC August 2024 Market Snapshot Email

Your August 2024
NYC Market Snapshots are Here!

It’s September, so let’s talk about August. And August is typically the slowest month for sales in New York City.  So instead of comparing August to July, let’s compare August 2024 to August 2023 to see what kind of a Fall market we might actually be heading towards. 

In Manhattan, everything is down except for days on market (DOM) and surprisingly, inventory for August.  It’s condos that are pushing the market along with inventory up 10.6% and contracts signed up 11.4% year over year. But prices are relatively flat. Co-ops, on the other hand, seem to be less attractive to buyers. Inventory was relatively flat with only a slight increase of half a percentage point year over year, but contracts signed fell almost 30%, with prices reflecting the lack of demand.

Brooklyn is still grappling with a stubbornly low stock of available housing for sale. Inventory is down 1.7% year over year and contracts signed are down 4.4%. But you can’t blame condos whose inventory is actually up 4.3% with contracts signed up 26.2%. No, for that, you’ll have to turn your lonely eyes to  co-ops, whose inventory is down almost 20% and contracts signed down almost 50% since this time last year. The stability in the Brooklyn market remains houses.

Now, the story in Queens is a precipitous drop in contracts signed, 28.3% overall, with condos down 43.2% and co-ops down 36.1%. But like Brooklyn, you’ll find Queen’s stability in the single family home market. 

And finally, just taking a peek at September, we’ve seen new inventory spike up in the week after Labor Day and just this past Sunday, open house attendance, at least with listings repped by a Compass agent (because we track these things) has increased by five fold.

So, strap in kids, because as interest rates fall, more buyers are going to get on the ball. 

Until next time.

~J

View Manhattan Report

View Brooklyn Report

View Queens Report

Or just have a quick listen...

Have questions about market forecasts and trends, or 
anything else real estate-related? I'd love to connect! 
Don't hesitate to reach out.

Jeremiah Wiggins

Lic. R.E. Salesperson
M: 917.596.2124
O: 646.609.9890
jeremiah.wiggins@compass.com

Office: 646-609-9890

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.