New York May Market Update

Can you believe we’re entering June already? Time is moving fast, but the New York City new development market has been keeping up, with May bringing us a sense of stabilization. The gains have been moderate, yet steady as we head into summer.

When we look back at pre-pandemic levels, May’s deal volume rose 10%. Dollar volume continued to rise (which indicates demand for a more premium product). Speaking of premium product, the luxury market saw a 17% increase in deal volume, which maintains the 2024 elevated demand. Here are some key highlights from May you should know:

• Demand rose in Manhattan & Brooklyn

• Queens demand declined

• Total dollar volume rose 18% to $816M

• Median PPSF rose 7% to $1,747

• Median price rose 3% to $1.9M

• Manhattan: 140 contracts

• Brooklyn: 93 contracts

• Queens: 18 contracts

If you have any questions about the NYC market, contact me here.

Statistics courtesy of MarketProof.