Happy 2024! We hope you’ve had a wonderful holiday season and are ready to dive into the opportunities the new year holds. Let’s take a closer look at the state of the NYC real estate market, reflecting on how 2023 wrapped up and exploring the trends shaping 2024.

 

Reflecting on Q4 2023

 

In the last quarter of 2023, the NYC real estate market exhibited some intriguing dynamics. While the median sale price experienced a modest increase, the price per square foot took a dip compared to both Q3 and the same period in 2022. The market, overall, seemed to move at a slower pace, but surprisingly, the days needed to sell dropped by 12%, reminiscent of the end of 2022.

One noteworthy aspect is the low supply of apartments on the market. Despite the numbers hinting at a buyer’s market, sellers managed to secure a median of 95% of their asking price. It’s a fascinating contrast that adds complexity to the market dynamics.

4Q2023 Report – How did your neighborhood do? 

 

Setting the Tone for 2024

 

As we step into 2024, mortgage rates have been on a downward trend over the past few months. Last year’s peak rate of around 8% has now given way to current rates in the low 6% range. With overall leverage still favoring buyers, the decrease in mortgage rates could potentially spur increased buyer activity in the new year.

However, the availability of good inventory remains a key factor. Last year faced challenges due to a lack of inventory, with many sellers hesitant to let go of their current low interest rates. The recent decrease in mortgage rates might offer an enticing prospect for sellers, especially if the trend continues.

A positive sign is the surge in new listings observed in the past week, bringing the number back up to the NYC historical average for this time of the year. While one week isn’t sufficient to declare a turning point for inventory, it marks a promising start. The next few weeks will be crucial, and we’ll be closely monitoring this area for any significant developments.

 

www.urbandigs.com

 

As we navigate the twists and turns of the real estate market in 2024, we invite you to reach out with any questions or thoughts. Whether you’re a buyer, seller, or someone with a keen interest in real estate, we’re here to facilitate a deeper discussion. Feel free to contact us anytime!

Signup for our newsletter