Enjoy our comprehensive market data
Our reports highlight the prevailing trends shaping each submarket from the most recent quarter. As your trusted real estate experts, we aim to provide a clear understanding of any research, data analytics, and commentary on key developments.
Manhattan
Market Report
Buyers are starting to return to Manhattan, as greater acceptance of elevated mortgage rates and all-cash financing drove pending sales (signed contracts) upward, climbing by 9.3% in Q1 compared to Q4 and 1.7% year-over-year. Buyers, tired of waiting on the sidelines, showed significant interest in ultra-luxury apartments priced above $20 million, with a 140% surge in contracts signed in this category. Units with three bedrooms and four or more bedrooms also witnessed notable increases in pending sales, jumping 10.4% and 19.2%, respectively, compared to last year. In general, pending sales experienced price appreciation, and closed sales saw price declines. This data suggests Manhattan likely reached the bottom of the market in Q4.
Brooklyn
Market Report
Brooklyn’s residential real estate market is undergoing a significant transformation. While contract activity was down compared to last year, it surged by 8.6% quarter-over-quarter, reflecting renewed buyer enthusiasm among buyers well in time for the Spring season. This shift comes when buyers are starting to have more selection. Inventory rose by 2.6% year-over-year and 11.3% quarter-over-quarter. Median prices saw significant increases from this time last year, although average prices were modest, suggesting heightened competitiveness in the Brooklyn market.
Queens
Market Report
Opportunities and progress continue to abound in Queens. While NYC’s largest borough continues to offer various types of homes and stunning new developments for buyers in all price points, the market is seeing minor adjustments in sales and pricing. Sales in Queens were down 11% year-over-year and 17% quarter-over-quarter.
