Manhattan Real Estate Market 2021 Wrap Up

Since we’re closing in on the end of 2021, we thought we'd take a look back at how the Manhattan real estate market fared this year. In a word, it was busy.

The numbers of new listings that came on the market (18,974) and of signed contracts (15,132) surpassed anything that's been seen since 2008, which is as far back as these statistics go. Despite all this, there hasn't been enough quality inventory available to satisfy buyer demand.

The market really caught fire during the last quarter of the year, October through December.  Overall, sale prices were close to ask (when they weren't "at" or "over").  The average price discount was 4.9% from the original asking price and 2.9% from the last asking price.  

The $4M+ luxury segment was especially active, with 42 contracts signed last week alone (Christmas week!).

Here's our prediction for early 2022: in terms of activity, it will continue as it has been - a sellers' market.  With rumblings of interest rate increases down the road, more buyers will enter the market.  Prices, while they may rise a bit, won't reach the stratosphere.  Whatever happens, you can count on us to keep you in the know.