Demand for New York City real estate remains high with year over year sales up 72% in Manhattan, 10% in Brooklyn, and a whopping 199% in Queens. Read on for additional market specific data.
The Manhattan real estate market showed no signs of slowing down in Q1, with a 72% increase in year over year sales and a 2% increase in quarter over quarter sales, even while the average price per square foot went up by 9%. There were 13% more contracts signed year over year and 5% fewer contracts signed when compared with Q4 of 2021. 48% more homes were listed in the first quarter of this year than were listed in Q1 of last year, although total inventory year over year was down by 14%.
Brooklyn real estate remained in strong demand during the first quarter, with a 16% increase in year over year contracts signed, and a 10% increase in closed sales. The average price per square foot increased 3% year over year while the median listed price decreased by 3%. Even though 65% more homes were listed in Q1 compared with 2021, total inventory was down 6%.
The Queens real estate market saw remarkable year over year gains in Q1, with a 199% increase in closed sales and a 10% increase in median sales price. The median listed price was up 8% compared with Q1 2021 and up 4% compared with Q4 2021. There was an influx of new homes to hit the market, with a 22% quarter over quarter increase in new listings, and a year over year increase of 165%.
Figures in this report are based on publicly reported data from Automated City Register Information System (ACRIS). Equal Housing Opportunity. All material presented herein is intended for informational purposes only. The sources are deemed to be reliable and the information is believed to be accurate, however the material is subject to errors, omissions, changes, or withdrawal without notice. All measurements and square footage are approximations. No statement is made as to the accuracy of any description.
