Curious how the real estate market is trending in New York City? Although the number of listings increased in all three boroughs, buyer and seller behavior varied greatly.
Read on to find out what happened in the Manhattan, Brooklyn, and Queens markets in March 2019 compared to March 2018, and search homes on triplemint.com if you are considering a purchase in one of these three NYC locations.
In Manhattan, the median listed price is down 6% while the number of sales is up 6%. This shows that sellers are pricing based on current market trends. The number of contracts signed decreased by 8% year-over-year, however, which is likely because buyers are still hesitant to jump in. Will the new Mansion Tax cause a shift in this borough in Q2? Only time will tell!
When it comes to Brooklyn, demand remained high, even though the average price per square foot increased by 18% and the median listed price increased by 8%. The lack of change in the number of contracts signed indicates consistent buyer interest in this NYC borough, even with the increased price tag.
With a 16% increase in both the number of contracts signed and the number of sales, demand in Queens is out of sight! Inventory is also up 45%, indicating that there are more options for those looking to make the move to this borough.
Data courtesy of OLR Market Pulse and current as of 4/7/2019.