May 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 May 2024 in Manhattan and Brooklyn. 

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

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

Key Points

Manhattan 

May saw improved sales activity compared to April, with contracts signed up 10% month over month. But signed contracts were down 6% compared to May 2023 and were lower than historical levels for this time of year. The overall price per square foot declined on both an annual and monthly basis, primarily due to a higher number of lower priced sales. 

Inventory in the borough didn’t change much month over month. But this was good news for both buyers and sellers. Buyers had more options, and sellers weren’t facing a glut of competition. 

However, buyers still held the advantage, with the negotiability factor sitting at 2.4% below asking

Brooklyn 

Contracts surged 24% compared to April, reaching their highest level in a year. But market indicators pointed to a continued advantage for buyers. 

Like Manhattan, the average price per square foot declined on both an annual and monthly basis thanks to sales in lower price brackets. Buyers were especially keen on South Brooklyn. 

Inventory actually increased on both an annual and a monthly basis, with levels 17% higher in May compared to April. This may have encouraged buyers on the hunt to be more active. 

The negotiability factor stood at 0.2% above asking thanks to several deals which sold for more than 10% above asking. But 70% of deals occurred at or below asking price. So sellers weren’t really at an advantage.  

What’s Next

More encouraging news about inflation is raising hopes that there will be an interest rate cut coming. But it’s increasingly looking like only one will happen, if it happens at all

But mortgage rates have been in decline recently. And on a nationwide basis, home price appreciation may finally be showing signs of slowing or plateauing. Both of these bode well for would-be buyers. 

Summer tends to be a slower season for sales in NYC, so we should expect to see a slow down in new inventory. If buyers continue to stay on the sidelines, however, the inventory that is on the market may linger. So buyers may still find themselves with a decent number of options. 

There’s still the possibility of a stronger than expected summer sales season if mortgage interest rates continue their downward fall. And also if some buyers decide that rent increases are getting to be too much for them, especially in Brooklyn.  

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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