Q3 2019 was a positive quarter for the NYC real estate market with a significant increase in the number of contracts signed and the number of listings in all three boroughs year-over-year.
Read on to find out what else happened in the Manhattan, Brooklyn, and Queens real estate markets last quarter, and search homes on triplemint.com if you are ready to make a purchase.
In Manhattan, the median listed price decreased by 6% while the number of listings with price drops increased by 23%. Could it be that these price decreases are what lead to the 27% increase in the number of contracts signed? Our gut is leaning toward this reasoning.
Moving onto Brooklyn, the number of contracts signed increased by 32% even though the median listed price increased by 7%. However, a 47% increase in the number of listings with price drops in Q3 of 2019 compared to 2018 may have been enough to make more Brooklyn buyers take action.
Queens saw a huge increase in number of contracts signed, 102% to be exact. This is no surprise considering the median listed price in Queens in Q3 2019 was just about half as high as Manhattan’s. The number of listings also increased by 95% while the number of listings with price drops increased by 40%, giving Queens buyers more inventory to choose from at lower price points.
Data courtesy of OLR Market Pulse and current as of 10/10/2019.