$8,313 Closing Credit*
$700,000
550 SqFt
Studio
•1 Full Bath
#COMP-1704635978560762009, Joseph Delorenzo, Listing Office: Compass
Is Lower Manhattan, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Lower Manhattan has remained a Buyer's Market.
Key Takeaway
Lower Manhattan is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower Manhattan, NY
How much do homes in Lower Manhattan, NY cost?
Median Sold Price
$1,653,214
$1,629/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$126,968(-7.1%)
Key Takeaway
Homes in Lower Manhattan have sold for 7.1% less than they did a year ago.
Summary: The median home sold price in Lower Manhattan was $1,653,214 in October 2024, down 7.1% from last year, and the median price per square foot was $1,629.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $1.0M | $1.0M | -0.4% |
| 2 Bedrooms | $2.1M | $1.9M | -10.7% |
| 3 Bedrooms | $4.2M | $4.1M | -0.1% |
| 4 Bedrooms | $6.8M | $7.0M | +2.5% |
| 5+ Bedrooms | $8.6M | $9.1M | +5.5% |
Summary: Lower Manhattan housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.4%, 2 bedroom homes decreased by 10.7%, 3 bedroom homes decreased by 0.1%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 5.5%.
Median Sold Price Compared To Nearby Neighborhoods
| TriBeCa | $3.4M | $3.4M | -0.8% |
| Financial District | $1.2M | $1.1M | -5.1% |
| Lower Manhattan | $1.7M | $1.6M | -7.1% |
Housing Supply in Lower Manhattan, NY
How many homes are available in Lower Manhattan, NY?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,403 | 1,387 | -1.1% |
Summary: The Lower Manhattan real estate market had 1,387 homes for sale in October 2024, a 1.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 502 | 478 | -4.8% |
| 2 Bedrooms | 457 | 468 | +2.4% |
| 3 Bedrooms | 269 | 261 | -3.0% |
| 4 Bedrooms | 105 | 105 | 0.0% |
| 5+ Bedrooms | 70 | 75 | +7.1% |
Summary: The Lower Manhattan housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.8%, 2 bedroom homes increased by 2.4%, 3 bedroom homes decreased by 3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 7.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 118 | 109 | -7.6% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
88 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower Manhattan, expect to pay close to the asking price. 80.7% of homes here sold near the asking price last month.
Summary: A total of 109 homes were sold or pending in Lower Manhattan in October 2024, down by 7.6% month-over-month. Of the 109 sold homes, 17% were sold under asking, 81% were sold at asking, and 2% were sold over asking.
Days on Market for Lower Manhattan, NY
How long does it take to sell a home in Lower Manhattan, NY?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lower Manhattan has remained consistent over time.
Summary: During October 2024, 109 homes were sold in Lower Manhattan; 0% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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