The real estate market in NYC in Q4 2019 showed a meeting of the minds between buyers and sellers. Across the board, there was an increase in contracts signed Q4 2019 compared to Q4 2018. Sellers are beginning to accept buyer perception of value and are pricing their properties accordingly.
Read to learn how the boroughs performed in Q4 2019 compared to last year. If you’re considering a purchase or sale in NYC, visit Triplemint.com to find homes and connect with an expert real estate agent.
There may be a balance coming back to the Manhattan market. A 4% decrease in average price per square foot and a 4% decrease in median listed price contributed to a 19% increase in number of contracts signed. Sellers are pricing according to buyers’ value perceptions, and buyers are taking notice.
Brooklyn rounded out 2019 continuing the story of buyer demand in the borough. Average price per square feet increased 5% and we saw an 8% increase in median listed price. Even still, the number of contracts signed increased 18% in Q4 2019 compared to Q4 2018! We will see if the borough continues to perform throughout 2020.
The last quarter of 2019 saw Queens finishing strong as the borough to watch. More inventory entered the market year-over-year, with a 58% increase in the number of new listings in Q4 2019 compared to Q4 2018. Even with a surge in inventory, a 107% increase in the number of contracts signed was reported.
Data courtesy of OLR Market Pulse and current as of 1/6/2020.