February 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 February 2024 in Manhattan and Brooklyn. 

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

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

Key Points

Manhattan 

Contracts signed were up 18% compared to January, but were only up a modest 1% compared to last year this time. And while listings were down compared to February 2023, they were up slightly compared to the previous month. 

Prices increased overall, but this was mostly driven by condos, which saw very low levels of inventory in popular areas. Co-ops, on the other hand, saw an overall decline. Meanwhile, days on market ticked down compared to January. But the number of days was still quite elevated compared to last year this time. 

Despite the above, there were some positive signs for sellers. The negotiability factor finally tightened a bit to 2.5% below asking. This signals that prices are coming more into line with the impact of higher interest rates. 

Brooklyn 

Contracts signed were flat year over year but saw a strong increase of 27% compared to January. Overall prices were up both annually and monthly. However, this increase was driven by more sales over $1 million, not an overall increase in sales prices. 

Listings had a modest increase compared to January. But they saw yet another annual decline and remain at very low levels compared to 2022 and 2023. This lack of listings translated into an increase in days on market compared to 2023, since tougher to sell listings finally found buyers. 

But once again, sellers are not fully in the driver’s seat. The negotiability factor stood at 0.9% above asking. This marks 16 out of 20 months of this factor being within just 1%. 

What’s Next

The typically busy spring sales season officially gets underway in March. If interest rates remain under 7% for most of the month, then this combined with increased inventory could see gains in sales activity. 

But as noted in this recent article from BrickUnderground, buyers shouldn’t really expect a “flood” of new listings. Interest rates moving lower will encourage sellers to list their properties.  But it will also encourage more buyers to get into the market, which is likely to offset any inventory gains. So buyers need to be prepared to face stiff competition. This is especially the case for those looking in Brooklyn. If you want to get ahead of (or away from) the competition, here’s some tips on how to find the best deals – How to Find a Deal on an Apartment in NYC

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!

Categories

Archives

Sign up for my newsletter

Get my NYC First Time Home Buyer Guide FREE when you sign up for my monthly newsletter

Subscription Form

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.

Related Posts

Downsizing or Upsizing? Here’s How to Coordinate Your NYC Move

Read more

Should You Downsize or Upsize in NYC?

Read more

How Much Does It Cost to Own a 2 Bedroom in NYC? (March 2024)

Read more

NYC Rental Market Update February 2024

Read more

How Much Does It Cost to Own a 1 Bedroom in NYC? (February 2024)

Read more

NYC Rental Market Update January 2024

Read more

January 2024 NYC Monthly Sales Market Update

Read more

How Much Does It Cost to Own a Studio in NYC? (January 2024)

Read more