Manhattan: Year-over-year, sales and dollar volume of Manhattan townhouses are down, but impressively pricing remains flat. Buyers are selective and discerning in this market, and sellers are willing to hold out until they get their prices. The average days-on-market for properties closed in 2023 is over 200 days. For properties currently on the market, the average days-on-market is 228 days. The properties that are selling the quickest are reasonably priced, turn-key, single-family homes. There is a lack of that inventory in the market and when well-priced, renovated properties are listed, buyers are willing to transact. The most challenging segment of the market is investment properties and homes that require renovation, as the cost and timing of a renovation project is a concern for buyers.

Brooklyn: Although down slightly overall from 3Q2022, the Brooklyn market continues to see steady volume. The most promising recent trend is increased activity at higher price points. The lack of renovated product between $5-7M has driven entry level pricing upward. Activity between $7-10M has increased significantly while higher priced inventory over $10M has been busier than ever. Renovated homes are commanding a significant premium, especially if they are designer-finished. The uncertainty surrounding interest rates and the banking crisis has eased and purchasers at the highest price points in Brooklyn are largely unaffected by rate increases and inflation.