New York City experienced immense year-over-year growth in homes entering contract in November 2024, leading to a drop in available inventory, according to a report by the real estate listing site StreetEasy.
Over this period, there was a 25.1% increase in homes entering contracts across New York City, from 1,470 in November 2023 to 1,838 in November 2024. Mortgage rates also dropped during this span, helping to attract more buyers to the city’s market.
Due to the large jump in contract signings from the previous year, inventory has dropped 5.3%, from 17,476 in November 2023 to 16,549 in November 2024.
Manhattan had the most homes to enter a contract in November 2024 among the boroughs examined in the report, with 848. This amounted to almost as many contracts as Brooklyn (534) and Queens (346) combined. Additionally, Manhattan dominated the market for luxury homes, defined as the top 10% in terms of price among listings, to go into contract. Of the 92 luxury home listings in New York City in November 2024, 82 of them were in Manhattan.
Over the course of the fall months – September through November – Queens experienced a big boost in new listings in 2024, up 9.7%. Over this period of time, new listings in Queens rose from 1,626 in 2023 to 1,783 in 2024. Such a large influx of new listings in this borough suggests more opportunities for buyers. A large increase in condos across the borough, especially in Long Island City, Flushing and Astoria, has played a big role in the trends for new listings in Queens. These three neighborhoods accounted for 426 of the 569 condo units listed in Queens from September to November 2024.
Throughout these fall months, Brooklyn had by far the most competitive sales markets among the boroughs, with Brooklyn neighborhoods accounting for nine of the ten most competitive sales markets in the city. This trend is thanks in large part to a declining inventory across these months, down 9.2% from 4,534 in 2023 to 4,116 in 2024.
