The final quarter of 2020 showed a market resilience that Manhattan has repeatedly demonstrated. Q4 saw a huge increase in the number of sales and contracts signed compared with the previous quarter. Although year over year prices remain down, the increase in contract activity is likely a sign of what 2021 has in store, and may be an indication that the window of opportunity afforded by the current buyer’s market will soon be closing.
The fourth quarter real estate market in Brooklyn showed a continuation of the high demand seen during most of 2020. Year over year and quarter over quarter sales, contracts, and listing prices were up while average price per square foot was slightly down.
The Queens real estate market continued showing stability and demand during Q4 with a large quarter over quarter increase in sales and a slight year over year decrease. Median sales and listed prices are up while the number of new listings throughout Queens is down.
Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS) as well as proprietary data.