The NYC market is performing at a similar rate as previous months, and buyer behavior is remaining steady. As Brooklyn and Queens continue to see growth, Manhattan is not showing similar increases in demand.
Read on to find out what else happened in the Manhattan, Brooklyn, and Queens markets in October 2019 compared to October 2018. Search for homes on Triplemint.com if you are considering a purchase in NYC.
In Manhattan, the median listed price and average price per square foot decreased year-over-year by 6 and 5 percent respectively. However, this drop didn’t appear substantial enough to get buyers to jump in, as the number of contracts signed was still down 3%. We will see if this trend continues into the later months of the year.
Almost all leading indicators increased in Brooklyn in October 2019, which continues to show the strength of demand in the borough. The median listed price and average price per square foot continued to climb, but buyers are still interested. The number of contracts signed increased 6%, a trend we have been seeing for the majority of 2019 so far.
Queens is where we see the most staggering change year-over-year in October 2019. A 179% increase in the number of contracts signed was reported! A surge of inventory became available as well, with 82% more listings coming onto the market compared to October 2018. Queens is booming with opportunity, and it looks like buyers are taking notice.
Data courtesy of OLR Market Pulse and current as of 11/5/2019.