April 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 April 2024 in Manhattan and Brooklyn. 

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

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

Key Points

Manhattan 

Things were looking up for sales in the month of April for Manhattan. Contracts signed were up 9% compared to April 2023 – the largest annual gain so far this year. Contracts were down slightly compared to March, but this is a month over month trend we’ve seen happen historically. 

There was good news this month for both buyers and sellers. The average price per square foot was up both month over month (7%) and year over year (6%). Meanwhile, active listings saw a 16% jump compared to March, giving buyers more options to choose from. 

And choose they did. Days on market slid by 21%. And the negotiability factor finally tightened to 2.4% below asking. 

Brooklyn 

Things were likewise looking solid in Brooklyn. Contracts signed were down both on an annual (5%) and monthly basis (2%). But the declines were modest. 

Like Manhattan, both sellers and buyers had reasons to feel better about the market. 

The average price per square foot was up 8% compared to last year and 7% compared to March. And active listings rose by 15% – one of the healthiest increases the Brooklyn sales market has seen in a while. 

Days on market only ticked down slightly compared to the previous month. And the negotiability factor finally broke more strongly in favor of sellers at 1.2% above asking. However, it was skewed due to several sales that were 10% above asking. Most deals went for at or below asking. 

What’s Next

Better news about inflation is raising hopes for interest rate cuts. But many are predicting we won’t see them until later in the summer. However, mortgage interest rates have retreated from the highs we saw towards the end of April. This combined with more inventory may encourage more buyers to enter the market. 

Additionally, lease renewals may prompt more renters to consider if they should just bite the bullet and look for a place to buy. Recent market data indicates that the rental market is still strong. And we haven’t even entered peak rental season just yet. 

If you’re ready to find a new place to buy, 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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