Although summer has come to an end, the busy autumn real estate cycle has just begun. With huge increases in the number of contracts signed year-over-year in all three markets, buyers did not hesitate to get their contacts signed before the leaves change color and more buyers enter the market.
Read on to find out what else happened in the Manhattan, Brooklyn, and Queens markets in August 2019 compared to August 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 was down 5% and the average price per square foot was down 4%. Buyers surely took notice of the end-of-summer price drops, however, with a 67% increase in the number of contracts signed. Will this upward trend continue into the cooler months? Only time, and the economy, will tell.
Every leading indicator trended upward in Brooklyn in August 2019 compared to August 2018, which illustrates just how high the demand is in this borough. In fact, there was an increase of 61% in the number of contracts signed. Because of this demand, the median listed price increased by 9% and the average price per square foot increased by 11% year-over-year. One thing is for sure, buyers love Brooklyn!
With HUGE increases of 119% in the number of contracts signed and 221% in the number of sales, Queens is still reigning supreme. The number of listings is also up 79%, giving buyers more inventory to choose from with a 99% lower median listed price than Manhattan and a 27% lower median listed price than Brooklyn.
Data courtesy of OLR Market Pulse and current as of 9/9/2019.