New York June Market Update
June in New York is a time when the city truly comes alive. The undeniable energy in the air extended to the real estate market, specifically Manhattan, last month.
The new development market remained stable in June, with key metrics showing mixed performance. Although activity slowed, the number of deals matched pre-pandemic averages. Significantly, Manhattan captured over 60% of the month's contracts for the first time since 2018, underscoring its recent strength despite a decrease in inventory. Here are some key highlights from June you should know:
Key metrics showed a mixed performance, with slowing deal activity but rising prices
Deal volume decreased by 5% from May, with the decline confined to Brooklyn
Dollar volume dropped 26% month-over-month, reflecting a cooling in the ultra-luxury market
The luxury market experienced a 28% month-over-month drop in deal volume but remained above 2023
levelsIn the last week of June, contract activity surged to the second-highest weekly level of 2024, signaling optimism
Manhattan: 151 contracts (+8%)
Brooklyn: 66 contracts (-28%)
Queens: 20 contracts (+11%)
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Statistics courtesy of MarketProof.