Word on the Street: The NYC Real Estate Market Is Getting Busier

We're feeling it. More activity, more showing requests, more open house traffic. That's the vibe our colleagues working in both Manhattan and Brooklyn are feeling too.

We're still in a tight market in terms of inventory. There are fewer homes on the market than there were three years ago, just before the pandemic. We've seen some relief over the past week from the increased number of new listings. We expect that trend to continue. It's great news for buyers who have been disappointed by the lack of options.

Also great news for buyers: more negotiable sellers. We recently heard of fellow Compass agents negotiating deals for their buyers of $7M for a home listed for $8M, and $1.6M for one listed for $1.8M. That doesn't mean it will happen every time. There are many sellers out there who have priced in tune with the market, or who are stubbornly clinging to unrealistic expectations. However, you won't find out unless you're out there actively looking and making offers.

As for you sellers, use the current lack of inventory to your advantage. List your home sooner rather than later so there's less competition from other listings. And price it right so it doesn't linger on the market.