July – 2024 Market Update

We at the LevinKong Team hope you are well and enjoying your summer thus far. While this time of year is typically a slower season for NYC real estate, this July proved to be more active than last July, and surprisingly, more deals went into contract this month than in June. However, we anticipate that August will return to its typical lull as we are already seeing the trend begin.

In Brooklyn, the average price per square foot and the median sales price ticked up 7.7% and 3.3% year-over-year and from the previous month, respectively. In Manhattan, the average price per square foot was relatively flat from the prior month; however, it was down approximately 4% from last year. The luxury market has recently slowed, most significantly in the $10 million and up segment.

There may be some interest rate relief on the horizon. Where the Fed had intimated the likelihood of one rate cut this year, many are now predicting as many as three, as economic news and calls from former Fed officials have begun to point in this direction. We should learn more in next week’s Fed meeting. We shouldn’t expect major movement in interest rates, but any lowering will help to loosen a relatively stagnant market.

With the LevinKong Team, you can confidently navigate the dynamic and intricate real estate market. Our decades of experience and data-driven, research-based approach are your best tools for success in this environment. We’re here to maximize your goals, protect your investments, and answer any questions or concerns you may have about the market or complex decisions. Our commitment to your success is unwavering, and we are dedicated to supporting you every step of the way.