New York City Real Estate Market Sees Surge in November 2024
New York City Experiences Year-Over-Year Growth in Homes Entering Contract
New York City experienced a significant 25.1% increase in homes entering contract in November 2024, compared to the same period in 2023. According to a report by the real estate listing site StreetEasy, this growth in contract signings led to a 5.3% drop in available inventory. Mortgage rates also decreased during this period, making it an attractive time for buyers to enter the city’s market.
Manhattan Dominates the Market
Manhattan had the most homes enter a contract in November 2024, with 848 properties, accounting for almost as many contracts as Brooklyn (534) and Queens (346) combined. Additionally, Manhattan dominated the luxury home market, with 82 of the 92 luxury home listings in New York City going into contract.
Queens Sees Boost in New Listings
Queens experienced a 9.7% increase in new listings from September to November 2024, with 1,783 listings in 2024, up from 1,626 in 2023. This influx of new listings, particularly in neighborhoods such as Long Island City, Flushing, and Astoria, provides more opportunities for buyers in the borough.
Brooklyn’s Competitive Sales Market
Brooklyn saw the most competitive sales market among the boroughs, with nine out of the ten most competitive sales markets in the city. This trend is attributed to a decline in inventory, with a 9.2% drop from 4,534 in 2023 to 4,116 in 2024.
Conclusion
The New York City real estate market has seen significant growth in November 2024, with a 25.1% increase in homes entering contract and a 5.3% drop in available inventory. Manhattan dominated the market, while Queens saw an increase in new listings. Brooklyn’s competitive sales market highlights the need for buyers to act quickly in this competitive market.
FAQs
Q: What was the increase in homes entering contract in November 2024 compared to the same period in 2023?
A: 25.1%
Q: What was the change in available inventory from November 2023 to November 2024?
A: 5.3% decrease
Q: Which borough had the most homes enter a contract in November 2024?
A: Manhattan
Q: Which borough saw the largest increase in new listings from September to November 2024?
A: Queens
Q: Which borough had the most competitive sales market in the fall of 2024?
A: Brooklyn
