This Week in the Manhattan Real Estate Market: Oct. 16, 2024

An impressive 1,910 new listings came on the market in Manhattan over the last thirty days. Even more impressively, 6.0% of them went into contract during their first thirty days on the market. That's the largest percentage for the last three years. It was the best September we’ve had in a long time. 

What does that tell us? That buyers who were already in the market jumped on new inventory. Peak inventory in the fall tends to happen in mid-October, and it's starting to level off.

We've also experienced a bit of a pullback in the market over the last couple of weeks. It could be due to several factors - the holidays, interest rates creeping back up slightly, the upcoming election, etc. Still, we know that active buyers are out there. The next couple of weeks could be an advantageous time for new sellers to list.