{November, 2023} Market Feeling Warmer
As the fall season draws to a close, we are almost done with our middle school applications. I hated it when I started the process last September because it reminded me of the inevitable milestones of parenthood. Then I really dreaded it this summer because of the stress I knew that was coming. Now, with it almost in the rear-view mirrors, I realize I have learned a lot about myself and my 5th-grader Kelly has grown so much from the process. The train of life keeps roaring forward! I hope all my readers had a wonderful Thanksgiving and are enjoying this magical time of the Holiday Seasons!
The NYC real estate market felt slightly warmer this November. Rates came down from their highs. Wall Street debated how soon and how much the Fed would cut rates next year. The market registered a markedly warmer tone compared to October. Nonetheless most buyers were still on hold. Prices were down 10% in Manhattan, but didn’t drop much in Brooklyn and Queens. The rental market had slowed down dramatically from the summer. More inventory came on the market at the end of September, when AirBnB became impossible for the most part in NYC. Rents were down quite a bit from last year.
Good Read:
Celebrating the holidays with a nice meal out? Here are the new Michelin starred restaurants!
The NYC real estate market is at an interesting crossroad. On the one hand, we feel a lot of pent-up demand from buyers who have been watching and waiting for rates to go down.