The Manhattan real estate market underwent headwinds driven by economic uncertainty and heightened borrowing costs that tested the resolve of buyers and sellers. Despite these challenges, Manhattan remains a highly sought-after destination, prompting buyers and sellers to recalibrate their expectations in line with current market conditions.
Amidst the economic climate's uncertainty, buyers anticipate favorable deals, while sellers are not under immediate pressure to sell. This dynamic has primarily contributed to the decline in market activity. Nonetheless, life events and the undeniable appeal of the heart of New York City will continue to propel the real estate market forward. You can review the entire report here.
Here are the highlights:
Days On Market
Luxury Market: ($5M - $10M)
There are many segments of the Manhattan market and prices vary greatly between neighborhoods. This report breaks down the neighborhood data as well. We are here to explain how this data pertains to your individual home. Call anytime for a complimentary market valuation.