Key Takeaways:
- For-sale inventory in NYC dropped 5.3% from last November, reflecting a 25.1% jump in new home contracts being signed.
- Brooklyn emerged as the most competitive sales market this fall, with well-priced homes selling 9 days faster than the citywide median.
- Manhattan led the city in homes entering contract, and showed signs of rebound in the luxury sector following stagnant sales and declining asking prices.
The number of homes entering contract in NYC soared again in November despite mortgage rates remaining elevated since October. Across the city, 1,838 homes entered contact in November, 25.1% more than a year ago. While 11.5% fewer homes entered contract in November than in October, the monthly decline was in line with the typical seasonal slowdown near Thanksgiving.
Last November was a challenge, with mortgage rates soaring to nearly 8%. While rates this year have been volatile, their overall decline has helped more buyers return to the NYC market. Compared to a year ago, monthly mortgage costs on a median-priced home in the city in November were down 6.3%.
Manhattan Homes Under $1.5M on StreetEasy Article continues below
The strong pace of contract signings in recent months has started draining inventory. In November, 16,549 homes were on the market, down 5.3% from a year ago and 7.8% from the previous month. While inventory typically declines in November and December in NYC following the end of the fall home-shopping season, the monthly decline this time was sharper than usual. Between 2017 and 2019, the decline in inventory from October to November averaged 5.4%.
The median asking price of an NYC home was $1.1M in November, unchanged since April, as tighter inventory maintained competitive pressure. Against this backdrop, the typical time homes spend on the market before going under contract remains steady. Across the five boroughs, homes that entered contract in November spent a median of 68 days on market, down three days from a year ago.
In spring 2025, resilient buyer demand and increased seller participation, despite still-elevated mortgage rates, will likely keep the balance of power split between buyers and sellers. While affordability challenges will persist, mortgage rates will likely settle at a lower level next year after frequent ups and downs, bringing more activity to the sales market — and signaling opportunities for both buyers and sellers.
Brooklyn Homes Under $1.5M on StreetEasy Article continues below
Brooklyn Was the Most Competitive Sales Market This Fall
The time between Labor Day and Thanksgiving is typically a busy home-shopping season in NYC. This fall, both buyers and sellers rushed back to the market after declines in mortgage rates, keeping the city’s sales market in a sweet spot where rising demand is balanced by growing new inventory.
Brooklyn was an exception, however, with competition heating up between September and November. Nine out of the 10 most competitive sales markets in NYC were in Brooklyn. Park Slope, Cobble Hill, Prospect Heights, and Carroll Gardens claimed spots in the top five, with the typical for-sale listing in each neighborhood seeing more than twice as many buyer inquiries than the citywide average. The West Village was the only neighborhood that was even more competitive than these top neighborhoods in Brooklyn, with an average listing seeing 2.3x the competition than the citywide average.
Most Competitive NYC Neighborhoods, September-November 2024
| Neighborhood | Borough | Median Asking Price | Competition Relative to NYC Average | |
|---|---|---|---|---|
| 1 | West Village | Manhattan | $1,885,000 | 2.32 |
| 2 | Park Slope | Brooklyn | $1,675,000 | 2.31 |
| 3 | Cobble Hill | Brooklyn | $3,299,000 | 2.27 |
| 4 | Prospect Heights | Brooklyn | $1,375,000 | 2.27 |
| 5 | Carroll Gardens | Brooklyn | $2,750,000 | 2.21 |
| 6 | Fort Greene | Brooklyn | $2,135,000 | 2.15 |
| 7 | Clinton Hill | Brooklyn | $1,250,000 | 2.08 |
| 8 | Brooklyn Heights | Brooklyn | $2,000,000 | 2.04 |
| 9 | Greenpoint | Brooklyn | $1,897,000 | 2.03 |
| 10 | Williamsburg | Brooklyn | $1,745,000 | 2.02 |
Amid tough competition, well-priced homes in Brooklyn are selling fast. Homes in the borough that entered contract between September and November spent a median of 59 days on the market, fewer than the 88 days in Manhattan and 67 days in Queens.
While recent new listings bolstered Brooklyn’s total inventory, homes entering contract outpaced homes newly available on the market, leading to inventory declines in the borough this fall. There were 4,116 homes for sale in Brooklyn in November, 9.2% fewer than a year ago. As competition builds, asking prices have remained high, with the borough-wide median at $1.1M, up 1.0% from a year ago.
Manhattan Led the City in Homes Entering Contract
Manhattan continued to see strong growth in sales activity. In November, 848 homes entered contract, up 27% from a year ago and higher than the 534 in Brooklyn and 346 in Queens. Within Manhattan, Downtown neighborhoods continued to see the highest contract volume, with 227 homes entering contract. The runner-up was the Upper East Side, with 218 homes entering contract.
The luxury sector, defined as the most expensive 10% of listings citywide, is showing signs of rebound following stagnant sales and declining asking prices this year. Across NYC, 92 luxury homes went into contract in November, with 82 of them in Manhattan: a 51.9% increase from a year ago. With rates expected to ease and economic growth anticipated to hold up in 2025, the luxury market will likely see a resurgence of buyer interest — one of StreetEasy’s five predictions for next year.
The busy home-shopping season this fall left a dent in Manhattan’s inventory. There were 8,432 homes on the Manhattan market in November, down 7.5% from a year ago. The median asking price eased slightly by 1.5% year-over-year to $1.575M.
Queens Saw the Largest Jump in New Listings
Between September and November, 1,783 homes were listed for sale in Queens, a 9.7% jump from a year ago. By comparison, the number of new listings rose 2.8% year-over-year in Brooklyn and fell 4.2% in Manhattan.
Queens Homes Under $1M on StreetEasy Article continues below
The influx of fresh listings in Queens suggests more opportunities for buyers. This recent growth is related to a rising share of condos in the borough, concentrated in neighborhoods such as Long Island City, Astoria, and Flushing. Among 569 condo units listed in Queens between September and November, 75% were in these three neighborhoods.
Following the citywide trend, Queens saw a strong 25.8% year-over-year jump in the number of homes entering contract, but the increase in new listings this fall kept the borough’s overall inventory stable. In total, there were 3,063 homes for sale in Queens this November, about the same as a year ago. That said, the borough-wide median asking price rose 7.5% year-over-year to $699,000, as more expensive listings lingered on the market.
StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. All data for uncited sources in this presentation has been sourced from Zillow data. Copyright © 2024 by Zillow, Inc. and/or its affiliates. All rights reserved.
