As we move into August 2024, the real estate market in District 13 and District 15 reveals notable shifts compared to the same period in 2023. Inventory has tightened significantly since last fall’s surge in listings as the interest rates were spiking. How will the market respond to our first rate cut now the mortgage rates at back around 6%? First we have to ask another pressing question.
Where is the inventory? As the mundane August market comes to a close, we are hoping and praying for a fall pop in inventory. If you have been searching for a new home certainly you have seen it all already and are ready for some new listing emails to hit your inbox. The good news is that although the summer plodded along, there is reasonable optimism for more listings and more back-on-market properties coming your way soon.
As we look forward to the remainder of 2024, the real estate market in District 13 and District 15 is expected to continue offering exciting opportunities for buyers, sellers, and investors. The sustained interest and growth in these districts underscore the area’s attractiveness. With the Federal Reserve Bank set to announce a September rate cut, which the mortgage market has already priced in, we can expect this will start to loosen the market liquidity up a bit. Hopefully, that will bring to the market the sellers who have been waiting to trade up or down that have been curtailed by the cost of financing, it’s crucial to stay informed. Be sure to follow us for the latest updates and detailed analysis on how these factors may impact your property market. Stay ahead in this dynamic landscape!
Our monthly report on the property market (condo and coop as well as townhouse sales, below for the month of August) in District 13 and District 15 as well as the neighborhoods that make up those school districts including Brooklyn Heights, DUMBO, Boerum Hill, Cobble Hill and Park Slope is out for August. On each image below the data is broken down based on the status of properties:
Actively for sale (private exclusive, coming soon, new listings, back on market, price increase and price reduction)
In the sale process (contract out and contract signed)
Off market (sold, temporarily off market, permanently off market, exclusive expired)
