NYC Real Estate in February 2024

The last week of January 2024 showed significant rise in activity. 

• 246 contracts were signed in Manhattan in the week ended February 2nd, up 31% week-over-week and a significant 43% year-over-year.
• This was the highest number of reported signed contracts since the second week of June 2023.
• Sales under $3M were up 52% year-over-year while those over $3M were level with the same week last year.
• Upper Manhattan, the Financial District/BPC and Midtown saw the strongest annual gains in activity.
• January 2024 ended with just under 800 contracts signed in Manhattan, a 24% year-over-year increase. ​

Source: Corcoran Market Research

Inventory in NYC is still in the low levels

• Manhattan inventory is still lower than last year level and, with increased contract activity, brings more confidence for the sellers. 
• Current median price per sqft is 2,6% down (as of January 2024). Prices are also subject to seasonality and we will likely see changes in the spring market. 

Rental market is surging again

• New lease signings jumped year over year for the third time.
• Median rent per square foot rose annually to a new high.
  
• Doorman median rent expanded annually as non-doorman median rent fell over the same period.
• Rental price per square foot for new developments continued to surge year over year, outpacing existing rental growth