New York City real estate remained strong in Q4, closing out a year of record sales and unprecedented demand. Compared with Q4 of 2020, the last quarter of 2021 saw 123% more sales in Manhattan, 39% more sales in Brooklyn, and 27% more sales in Queens.
The Manhattan real estate market showed no signs of slowing down: median listed prices and average price per square foot were up 5% and 28% respectively, while total inventory was down compared with Q3 2021 and Q4 2020.
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The Brooklyn real estate market had 39% more sales in Q4 of 2021 than it did in Q4 of 2020, and 30% fewer sales than it did in Q3 of 2021. There was a 13% year over year and 7% quarter over quarter increase in the number of contracts signed during Q4. Median listed price was down 8% year over year and flat compared with Q3, and the average price per square foot was $1,118, up 6% from Q4 2020 and down 8% compared with Q3 2021.
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The Queens real estate market finished 2021 strong with 27% more sales in Q4 2021 than there were in Q4 2020 and 1% more than there were in Q3 2021. Median listed price was up 9% year over year and 4% quarter over quarter, and median sales price was up 13% year over year and 3% quarter over quarter. The number of new listings to hit the market declined 25% year over year and 28% quarter over quarter.
Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS) and OneKey MLS as well as proprietary data. 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.
