Manhattan's in a Buyer's Market

As we begin 2024, New York City real estate has been in a "buyers' market" for the past 18 months. Homes are selling at a slower pace and lower prices compared to the exuberance of the initial post-lockdown period a couple of years ago.

However, while prices may be down, they have not crashed. Fewer homes are for sale, so sellers aren't taking massive discounts. In fact, many sellers are coming off the market if they can't get their numbers, whether they're realistic for the current market or not.

Buyers, you can stop waiting. We've been bouncing around the bottom of the market for the last couple of months. For the next few weeks you won't have as much competition from other buyers. That will change, especially as interest rates continue to make their way down and we get closer to spring.