The NYC market is looking good, with November 2019 outperforming November 2018. Brooklyn and Queens continue their growth as buyers and sellers find opportunity, and buyers are making the leap in Manhattan as well.
Read on to find out what else happened in the NYC market in November 2019 compared to last year. If you’re considering a purchase in the city, visit Triplemint.com to search for homes and connect with one of our expert agents.
Manhattan is seeing a slight shift in the wind as the average price per square foot decreased year-over-year, driving a 30% increase in the number of contracts signed. Buyers are seeing the value in the marketplace and are taking the opportunity to invest. We will see if this perceived value continues into the new year.
As we have seen in previous months, almost all indicators increased in Brooklyn in November 2019. A 7% increase in median listed price reflects the strong steady demand of the borough. As in Manhattan, there is more buyer activity this month, with a 30% increase in contracts signed year-over-year.
Queens continues to impress with its dramatic year-over-year change. Every leading indicator increased in November 2019. An increase in inventory was reported, with a 50% increase in the number of new listings compared to November 2019. The surge in inventory was met with a 108% increase in the number of contracts signed. Queens continues its streak as the borough to watch in the NYC market.
Data courtesy of OLR Market Pulse and current as of 12/4/2019.