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Back HomeNYC Real Estate Market is Cooling — But a Good Time to Upgrade
After an incredible run with steady price appreciation since 2009 and huge price gains since 2013, the New York City real estate market is no longer in growth mode.
Industry insiders are using different language for today’s market: the market is cooling, shifting, correcting, softening, and/or stabilizing, depending upon who you ask.
All of this is code for a simple reality. Prices have stopped rising and, in fact, have started to come down in virtually every subsector of the residential sales market in the city.
While there has been significant attention paid in the media to the oversupply at the top of the luxury condo market in Manhattan and some of the drastic price cuts in that submarket, prices have come down across the board at virtually all price points and in virtually all neighborhoods.
To be clear, deals are happening, prices are still very close to all-time highs, interest rates remain extraordinarily low, and overall housing demand far exceeds supply in the city.
The market is not collapsing or crashing but it is going through a correction, as it tends to do every seven years or so.
© Jackson Lieblein, LLC 2015.
