Manhattan Real Estate Market Update: Feb. 21, 2024

The Manhattan real estate market continues to chug along, with 916 contracts signed in the last 30 days and 228 contracts sealed in the past 7 days. Although we haven't quite hit the typical February average of 956 contracts, we're definitely on an upward trend and could be there by the end of the month.

Despite the increased contract activity, the number of homes on the market (currently 7,267) has remained pretty flat over the past two weeks. That's a positive sign. It means that contracts are being signed at about the rate that new listings are coming on. Buyers are out there and making offers, and sellers are accepting them.

Does the increased activity mean prices are rising? No. They're not falling, either. We're in a more neutral market, where neither sellers not buyers have the upper hand.

Bill Herbst#gilmartinherbsttean #nycrealestateagent, #nycrealestatebroker, #nycrealestateagent, #manhattanrealestate, #compas, #compasny, #nycrealestate, #gilmartinherbsttea
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