1Q 2024 Manhattan & Brooklyn Market Update!

Market Updates
Written By Danielle Sevier

Building: 200 E 83rd St, Unit PHC (Photo Cred: Compass New Development)

In the first quarter we saw signs of improvement in both the Manhattan and Brooklyn markets, but the long-awaited interest rate decreases have yet to make their highly anticipated debut.

In the first quarter of 2024 buyers started to return to the Manhattan market with a 9% increase in signed contracts from the prior quarter. 63% of all transactions at this time were all cash. 

The luxury end of the market priced more than $20mm saw a surge of 140% increase in contracts signed, which correlates positively to the level of cash deals done. 

At the same time, we saw inventory levels reach pre-pandemic levels with 6,000 active listings. We anticipate inventory levels continue to climb with the Spring market.

We also saw increased contract figures and inventory levels in Brooklyn in the 1st quarter compared to the 4th quarter.

The rise in inventory signals a notable shift in market dynamics and this is further evidenced by a steady climb in price per square foot figures.

We’re far off from where we should be, but the numbers indicate that the bottom of the market is behind us.

Written by. Marianna Dimentman | (E) mariannad@compass.com , (M) 917.853.3262

Danielle Sevier

Danielle Sevier is a powerhouse in the real estate industry, known for her unwavering commitment to her clients and her exceptional track record of success. With decades of experience, Danielle's market knowledge, impeccable service, and integrity set her apart as a trusted advisor for both buyers and sellers. Joining Compass has only elevated Danielle's ability to deliver unparalleled service, offering her clients access to the incomparable resources of one of NYC's premier residential brokerage firms.

As a native New Yorker with a deep understanding of the city, Danielle brings a level of expertise that is unmatched. Her experience in selling luxury apartments and townhouses in every area of Manhattan positions her as a true authority in the market. Beyond her extensive experience, Danielle's unique approach to real estate is a defining factor in her success.

Her dedication to understanding her clients' needs and going above and beyond to ensure a seamless real estate experience sets her apart. Whether working with buyers or sellers, Danielle's tenacity, attention to detail, and exceptional negotiation skills consistently deliver outstanding results.


What truly sets Danielle apart is her unwavering commitment to her clients' best interests and her belief in always doing the right thing. Her promise of "Zen in the Art of Real Estate™" encapsulates her approach, showcasing her ability to be a fierce negotiator and a tough broker while maintaining the highest standards of integrity and professionalism.

With Danielle Sevier, clients can expect nothing less than exceptional service, expert guidance, and a commitment to achieving their real estate goals with the utmost care and dedication.

https://thesevierteam.com/
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