Hello, December: A Season of Magic and New Opportunities!

As December sweeps through New York City, the streets come alive with the magic of the season—twinkling lights, festive storefronts, and perhaps even the promise of snow. It’s a truly special time of year, not just for celebration but also for reflection and planning. In the real estate world, December can be one of the most dynamic months, as buyers, sellers, and renters alike set their sights on starting the New Year in the perfect space. Whether it’s finding your dream home, making a savvy investment, or navigating the evolving market, this season offers opportunities to make it happen.

As the holiday buzz fills the air, I’m reminded of the privilege I have in helping you achieve your real estate goals. From cozy brownstones to modern luxury condos, every transaction is a step toward building the life you envision. Looking ahead to 2025, I’m excited to continue working alongside you as we tackle new challenges and seize fresh opportunities in the market.

This season is a time to celebrate not just where we live but how we live, and I wish you and your loved ones a joyful, peaceful holiday season. May your New Year bring exciting possibilities, both in life and in real estate. Here’s to a December filled with warmth, success, and the beauty of New York City at its most magical!

November 2024 NYC Real Estate Market Report

The Manhattan real estate market in November 2024 exhibited notable growth compared to both the previous month and the same period last year.

• Average Sale Price: Increased by 21.6% from October 2024, reaching $2,456,936, and up 20.5% from November 2023.
• Median Sale Price: Rose by 14.2% month-over-month to $1,230,000, marking a 7.0% increase year-over-year.
• Average Price Per Square Foot: Climbed 10.1% from last month to $1,561, a 7.3% rise compared to last year.
• Average Days on Market: Increased to 197 days, up 8.8% from October and 11.9% from November 2023, indicating properties are staying on the market longer.
• Average Discount: Slightly decreased to 7%, down from 8% in both the previous month and last year, suggesting sellers are achieving prices closer to their asking.
• Inventory: Decreased by 4.4% from October to 6,226 units, but was up 2.7% from November last year, showing a modest annual increase in available properties.
• Contracts Signed: Decreased by 17.4% from last month to 762, nearly matching last year's figure with a slight 1.0% decrease.

Average Price Per Square Foot by Bedroom Count:

- Studio: $1,300 (up from $1,100 in November 2023)

- 1 Bedroom: $1,400 (up from $1,300 last year)

- 2 Bedrooms: $1,500 (consistent with last year)

- 3 Bedrooms: $2,000 (up from $1,800)

- 4+ Bedrooms: $2,000 (down from $2,400)

An Article to Read:

As we look forward to 2025, interior design trends are embracing formal living spaces, personalized aesthetics, and multifunctional areas that cater to individual lifestyles. For a deeper dive into these trends, check out The Top 5 Living Room Trends of 2025, According to Designers.

These trends highlight a robust market with rising prices and a slight reduction in discounts, indicating strong demand. However, the increase in days on market and decrease in contracts signed may suggest buyers are becoming more selective, or that seasonal factors are at play as we approach the year's end.

Summary:

November 2024 has been a dynamic month for Manhattan real estate, with significant increases in sale prices and price per square foot across most property types. While inventory has decreased compared to last month, it's slightly higher than this time last year, offering more options for buyers. The market shows signs of strength as we move into December, setting the stage for exciting opportunities in the New Year.

Merry Holidays!

Ante Jakic