While much of New York City saw an increase in homes entering contract from May 2023 to May 2024, Queens was an exception to this trend, according to aby the real estate listing site StreetEasy. When a home is ‘in contract’, it means an offer to buy the home is accepted by the seller and a purchase and sale agreement is signed with the buyer.
Conversely, the boroughs of Manhattan and Brooklyn both saw increases in home entering contracts compared to the previous year. Manhattan saw a 2.6% jump, from 4,697 in 2023 to 4,819 in 2024. In Brooklyn, there was a 0.6% rise year-over-year, from 2,896 in 2023 to 2,913 in 2024. In Brooklyn, there was a 12.5% increase, from $1 million last year to $1.125 million this year. Despite the fact that the percentage change of the median asking price in the Bronx, at 11.1%, more than doubled that of Queens, the asking price there is significantly less than in Queens. Year-over-year, the median asking price in the Bronx went up from $350,000 to $389,000.