NYC Housing Inventory Drops 5% as Bidding Wars Surge
Inventory in New York City fell 5% year over year in August, driving 22% of homes to sell above asking price.
Key points
- NYC housing inventory fell 5% year over year in August, with Manhattan supply down 11%.
- 22% of city properties sold above asking price in August, up from 21% a year earlier.
- Park Slope recorded the highest above-asking sale rate at over 61% of homes.
New York City housing inventory fell five percent year over year in August. This decline intensified competition for available homes across all boroughs.
Twenty-two percent of city properties sold above their last asking price. This figure exceeds the twenty-one percent share recorded in August of last year.
Borough-level supply variations drive prices
Manhattan supply dropped eleven percent year over year, the steepest decline in the city. Brooklyn supply remained relatively steady despite high demand.
Brooklyn posted the highest share of above-asking sales at thirty-two percent. Manhattan followed with sixteen percent, while Queens reached more than twenty-four percent.
Brooklyn homes entered contract in just over two months on average. Manhattan homes took more than three months to reach that status.
Park Slope leads citywide bidding wars
More than sixty-one percent of Park Slope homes sold above asking. This makes it the highest rate among all city neighborhoods.
Agents report frequent multiple-bid situations for well-priced properties. One broker noted five such instances involving three or more bidders.
Luxury segment remains active in Manhattan
A penthouse at 555 West 22nd Street closed for twenty-seven point five million dollars. The unit spans six thousand three hundred square feet.
The property is one of one hundred forty-four apartments at the Cortland. Related Companies developed the building with design by Robert A.M. Stern.
