May’s market numbers show a continued pause in activity among buyers and sellers across Manhattan, Brooklyn, and Queens. Sales, new listings, and contracts signed have seen the most notable year over year declines, yet Brooklyn and Queens had a year over year increase in median listed price and price per square foot.
Manhattan’s real estate market added 378 new listings in May for a total of 7,266 properties on the market. Signed contracts were down 82% and the number of sales dropped to nearly half compared with May 2019. Median Manhattan listed price and average price per square foot were also down year over year.
Brooklyn median listed price and average price per square foot increased slightly year over year while year over year sales and new listings were down 19% and 66%.
Queens saw a 15% year over year increase in median listed price and an 18% increase in average price per square foot. The decrease in sales and total inventory was relatively moderate, with sales down only 17% and total inventory down 11%.
Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS) as well as proprietary data.