As of the beginning of February, Brooklyn had 2,898 properties for sale with 153 new listings in the past week and 714 over the past month. Supply increased by 1% compared to January, yet remains 12.7% lower on a year over year. Despite the 43.3% increase in monthly new listings, supply is still relatively tight in Brooklyn from a historical perspective.

With respect to demand, Brooklyn saw 412 contracts signed in the past 30 days, representing a 9.9% increase on a year over year basis. In the last week, there were 101 contracts signed representing a 21.7% uptick from the preceding week, suggesting strong underlying demand.

According to our recent Market Report, Brooklyn apartment sales experienced a 22% decline in the fourth quarter relative to the same period one year ago. A spike in mortgage rates to a 23-year peak in mid-October contributed significantly to the downturn. Higher rates also played a part in pushing prices lower, with the average apartment price 7% below the fourth quarter of 2022. The median price fell 5% over the past year to $700,000, its lowest level since the third quarter of 2020.  

However, the recent dip in mortgage rates and positive economic indicators such as declining inflation and strong consumer spending offer reasons for optimism in 2024.

As of the beginning of February, Manhattan had 5,859 properties for sale, with 281 new listings coming to market in the past week. While weekly new listings increased by 4% from the prior week, supply remains constrained when viewed against historical cycles. Demand has seen a gradual increase, with 639 contracts signed in the last 30 days.  From a buyer/seller negotiating leverage standpoint, Manhattan appears to be in neutral territory.