Manhattan Market Update: June 19, 2024

One of our managers recently described the current market as "like trudging through mud." It's an apt metaphor. We keep moving forward, but it's slower, takes effort, and is maybe a little messy. Still, we'll eventually arrive at our destination.

In Manhattan, the real estate market keeps bumping along as it has for months. The weekly number of signed contracts has mostly been somewhere in the 200's, and the number of homes on the market has consistently remained in the mid-7,000s.

Prices are slightly lower than a year ago, and listings are taking longer to sell. Open house traffic was way down this past weekend, with a large percentage of agents reporting no visitors. Even Brooklyn has been seeing it, though not to quite the same extent (that's Brooklyn for you).

Nevertheless, deals are happening. We just keep pulling on our boots and trudging ahead. It's what our clients expect of us, and deserve.