Welcome to our monthly, data driven New York City real estate market snapshot.
Similarly to this time last year, the market is moving through the neutral zone towards sellers. This does not yet constitute a "sellers' market", however buyer activity is increasing.
Buyers have waited on the sidelines for a long time, and given a dovish Fed, are more optimistic about the future mortgage rate environment.
There is still a relative shortage of inventory, particularly turnkey properties, so buyers are willing to move forward quickly on properties that are prepared properly for market.
The number of all cash buyers hit a record high in Q4 of 2023, and contracts signed over $10M are up 92.3% YOY.
The quietly marketed West Village new development 125 Perry Street shown above, printed the highest contract of the month with the signing of Penthouse West last asking $57,500,000.
