October 2021 NYC Monthly Sales Market Update
It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for October 2021 in Manhattan and Brooklyn.
To view the full NYC sales market monthly update for October 2021, click here.
October 2021 was one of the best months on record ever for sales in Manhattan. More than 1,350 contracts were signed, which was a 41% increase year over year. There was even a solid uptick month over month, with signed contracts up 35% versus September.
Strong demand caused days on market to slide notably – down 26% versus the previous month.
But even with strong demand, buyers still held a slight edge. The negotiability factor stood at 2.2% below asking for the month of October.
Brooklyn also had a record breaking month, recording its best October for signed contracts since 2017. Contract signings overall were up 36% year over year.
Days on market continued to slide in the borough, with a decrease of 28% month over month and 15% year over year.
Sellers saw things edge just ever so slightly more in their favor. Inventory declined month over month and the negotiability factor ticked up just a hair to 1.17%.
Although it was previously feared that the delay of office return dates might impact the market, those fears haven’t been borne out. And thus far, the market isn’t showing any signs of slowing down. Manhattan’s comeback appears to be in full swing, and interest in Brooklyn remains strong.
Fears about inflation may lead the Fed to raise interest rates next year, but they’re still likely to remain at historically low levels for quite some time to come. So that’s likely to keep interest in buying relatively high as buyers seek to take advantage of the low rates.