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August 2024: Manhattan Luxury Sales Rise and Inventory Declines Versus 2023
Days on market declined annually but average price per square foot also fell compared to last year.
Below are the key highlights from Corcoran’s August 2024 report:
“In Manhattan, the median rent experienced its first annual decline in three years, falling slightly to $4,400 per month. Unexpectedly, rents also ticked down from July, which has promoted strong leasing activity. Additionally, the market share of ‘non-doorman’ leases soared to its largest share since October 2021, illustrating the current price-sensitivity of today’s apartment seekers.
The same overall trends can be found in Brooklyn. The borough’s rental market also experienced an uptick in leasing activity, marking the strongest August for new signed leases since 2021. Though median rent increased year-over-year, the figure has fallen monthly during three of the past five months – to reach $3,995.
Even small adjustments in asking rents by owners seem to have a big impact in terms of demand - as August was remarkably busy. While many tenants still likely experience a sense of ‘sticker shock’ with current New York rents, the good news is that last month brought them some relief, albeit slight.”
- Gary Malin
Here’s what happened in the Manhattan and Brooklyn rental markets during August:
Manhattan Findings:
· The median Manhattan rent was $4,400 per month in August 2024 – vs. $4,670 per month in July. Median rent fell 6% from July and 2% year-over-year. This marks the largest monthly decrease since November 2020 and the first annual decline in three years.
· With 6,349 new leases signed in Manhattan, August leasing activity climbed 19% when compared to July and 5% year-over-year. Leasing for non-doorman product outperformed the market as a whole, rising 16% annually.
· The Manhattan vacancy rate was 2.54% in August, up from July when the rate was 2.18%. Vacancy also rose when compared to the same time last year – as August 2023’s rate was 2.50%.
Brooklyn Findings:
· The median rent in Brooklyn was $3,995 in August – down minimally vs. the $4,000 per month in July. However, rents rose 3% year-over-year. Median rent in the borough has fallen month-over-month since May but has risen annually for 35 consecutive months.
· This August, there were 4,951 active listings available in Brooklyn, 3% fewer when compared to July but up 26% year-over-year. Inventory has reached the second-highest level in three years partly due to new rental introductions/building launches.
· At 1,483 the number of leases signed in Brooklyn during August rose 1% from July and 4% annually. This was the strongest August for lease activity since 2021.
Below are some key highlights from the week:
Below are some key highlights from the week:
Below are some key highlights from the week:
Below are some key highlights from the week:
Below are some key highlights from the week:
Below are some key highlights from the week:
Despite broader challenges, the real estate markets in both Long Island City and Astoria remain historically strong. However, First Half 2024 revealed some diverging trends. In Astoria, both sales and inventory increased, with prices remaining stable. Conversely, in Long Island City, the lack of new development supply and near-record prices led to a slowdown in sales.
SALES
INVENTORY
PRICE
Below are some key highlights from the week:
Below are some key highlights from the week:
July 2024: Manhattan Luxury Sales Display Uptick as Inventory Remains Steady Versus 2023
Days on market declined annually but average price per square foot rose compared to last year.
Below are the key highlights from Corcoran’s July 2024 report:
Introducing Corcoran’s July 2024 Manhattan and Brooklyn Rental Reports, featuring the market’s best insights.
“In Manhattan, rents again reached an all-time high in July 2024. Inventory levels ticked up as well, as some landlords structure existing leases to expire during the season take advantage of increased demand. There was 21% increase in the number of apartments on the market this July versus last year, meaning home seekers had more options from which to choose. While July’s leasing activity increased when compared to June, it was still down 9% on an annual basis. This is an indicator that – so far – this summer has not been as frenzied as it has been in recent years.
In Brooklyn, the median rent was $4,000 per month during July 2024, down 2% from June but a 2% rise annually. There were 24% more units on the market for rent this July versus July 2023 – mirroring conditions across the East River. In fact, the number of available Brooklyn apartments surpassed 5,000 for the first time in three years. However, leasing activity in the borough was strong. Last month was the busiest July for signed lease activity in Brooklyn since 2021.
While current rents are a definite ‘pain point’ for many tenants – significant activity is occurring in both boroughs. Renters may see some relief come fall as the seasonal demand wanes, but for the moment, the market seems to have reached an uneasy equilibrium.”
- Gary Malin
Here’s what happened in the Manhattan and Brooklyn rental markets during July:
Manhattan Findings:
· The median Manhattan rent was $4,670 per month in July 2024 – vs. $4,667 per month in June. While rental prices increased by just a few dollars (less than 1%) month-over-month, they rose 4% year-over-year. The median Manhattan rent has once again reached a new record high.
· With 5,356 new leases signed in Manhattan, July leasing activity climbed 12% when compared to June but declined 9% year-over-year. Market share of non-doorman leases fell to the lowest July level in 6 years.
· The Manhattan vacancy rate was 2.18% in July, up from June when the rate was 2.14%. However, vacancy is still lower than it was at the same time last year – as July 2023’s rate was 2.60%.
Brooklyn Findings:
· The median rent in Brooklyn was $4,000 in July – down 2% vs. the $4,100 per month in June. However, rents rose 2% year-over-year. Despite nearly three years of consecutive annual median rent increases, this 2% y-o-y climb was the smallest change since October 2021.
· This July, there were 5,078 active listings available in Brooklyn, 8% more when compared to June and 24% year-over-year. In July, the number of available apartments surpassed 5,000 for the first time in three years.
· At 1,472 the number of leases signed in Brooklyn during July climbed 13% from June and 10% annually. Activity typically ramps up as the summer progresses, and this was the strongest July for signed lease activity since 2021.
Townhouses represent a fascinating segment of the Brooklyn and Manhattan residential real estate markets. Corcoran’s 2Q 2024 Townhouse Reports survey sales of single-family and multi-family townhouses throughout the boroughs.
Brooklyn key findings:
Manhattan key findings:
Below are some key highlights from the week:
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