January 2024 NYC Monthly Sales Market Update

It’s time for the NYC monthly sales market update! Here’s a look at some key numbers for January 2024 in Manhattan and Brooklyn. 

To view the full NYC sales market monthly update for January 2024, click here. And to view stats for the previous month, click here. 

Infographic showing sales stats for Manhattan for the month of January 2024
Infographic showing sales stats for Brooklyn for the month of January 2024

Key Points

Manhattan 

The Manhattan sales market continued to show some positive trends. Sales were up on both an annual (18%) and monthly (14%) basis. Inventory was also down compared to December 2023 and January 2023. This means sellers continued to not have to worry about listings “piling up.” 

However, the market seems to still be strongly in favor of buyers. Days on market were up on an annual and monthly basis. Meanwhile, the average price per square foot stayed somewhat steady, posting a modest monthly gain (2%) along with a modest annual decrease (3%). The clearest indicator of buyers’ power in the market was the negotiability factor which stood at 4.5% below asking. 

Brooklyn 

Brooklyn, meanwhile, continued its trend of being a mixed bag. Contracts signed were up compared to Jan 2023 (25%), but they were down on a monthly basis (13%). Inventory continued to be constrained (down 17% compared to Jan 2023). This was actually the second lowest level since the Corcoran Group started tracking inventory levels in Brooklyn in 2017. However, the month over month decline of 1% was one of the smallest we’ve seen in some time. 

Once again, days on market ticked upwards, but this was a good sign for sellers. It was due to lingering listings finally finding buyers. So that means buyers are expanding their options. 

But it’s still not a seller’s market. The average price per square foot declined on both an annual and monthly basis. And for the 18th month in a row, the negotiability factor stood within 1% – this time at 0.3% below asking. 

What’s Next

Market momentum is likely to continue to build in Manhattan, but only if two things happen. Interest rates need to continue their decline, and inventory needs to keep coming in at a steady clip. The Fed doesn’t anticipate cutting rates come March (and possibly not before the end of spring), but a number of economic metrics have been looking positive so far. Additionally, rents don’t seem to be coming down meaningfully in the borough just yet. So more buyers will probably start thinking if buying may make more sense (for some of them, it definitely does). 

Brooklyn is likely to stay stuck in its quagmire due to low inventory levels. Even with lower interest rates, the lack of options (plus stiff competition for the good options available) will continue to discourage folks from entering the market. This is especially true for those in the market for a 2 bedroom or 3 bedroom apartment. However, those currently renting a studio or 1 bedroom may want to consider if purchasing may make more sense. Studio buyers in particular should consider it, as the numbers for ownership are looking the best they have in quite some time

If you’re on the hunt for a new place to call home, then make sure you’re prepared! Get pre-approved! Understand your finances! And get my FREE First Time Buyer’s Guide!

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