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Triplemint NYC Monthly Real Estate Market Update: May 2022

by | Jun 14, 2022

Following a slowdown in April and still down 3% year over year, Manhattan sales rebounded in May, rising 10% month over month, with inventory creeping up by 3% compared to April. Both the median listed price and average price per square foot remained steady month over month, but were 7% higher compared to May 2021. There were 35% fewer contracts signed year over year and 11% month over month, with the number of new listings following a similar trajectory, 22% down year over year, and 12% down month over month.



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In May, Brooklyn sales soared to a 35% increase compared to April, with the median listed price and average price per square foot down slightly by 3% and 4% month over month, respectively. The number of new listings that hit the market was down 39% compared to April, ending a four month streak of rising inventory. Nonetheless, total inventory in Brooklyn was up 3% month over month and 9% year over year. The number of contracts signed was also on the decline for the first time this year, down 21% month over month and 28% year over year.

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Queens real estate was strong in May, rising 18% compared to April and 13% compared to May 2021. The median listed price was on the rise after a slowdown in April, up 8% over month and 12% year over year. There were 2% fewer homes listed in May than in April, and 7% fewer than in May of 2021.

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Copyright ©2022 Triplemint. Equal Housing Opportunity. All material presented herein is intended for informational purposes only. The sources are deemed to be reliable and the information is believed to be accurate, however the material is subject to errors, omissions, changes, or withdrawal without notice. All measurements and square footage are approximations. No statement is made as to the accuracy of any description.

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