It’s so clear to me: if you have the down payment and plan to be in the city for a few years, it makes a lot of sense to buy. That said, while there’s been a slight uptick in activity, NYC still very much remains a buyer’s market.
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In April, concerns about tariffs and a potential recession continued to weigh on buyers’ minds. Mortgage rates have remained relatively steady, hovering between the high 6s and low 7s since last November.
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The New York City real estate market continued to strengthen in January 2025. The past 2.5 years have been particularly challenging for sellers. While our team listed numerous properties, market conditions didn’t support the prices sellers were hoping for, leading many to rent their properties instead.
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The New York City real estate market closed out 2024 on a high note, particularly in the luxury and new construction sectors, where demand is rising and supply is shrinking.
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Compared to last May, before rates started to rise (does anyone still remember those days?!) prices were now down about 11%. Transaction volumes were down 40%. Inventory was up almost 60%.
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