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Manhattan’s tough market continued into Q1, but there were glimmers of hope despite higher mortgage rates, rising homeownership costs, and world events. In response to lower consumer budgets, prices adjusted downward and suggest a market that is poised for improvement.
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The annual price metrics all slipped. By contrast, all of the price metrics rose quarter over quarter. Interesting, no? Listing inventory declined year over year as many would-be sellers remained wedded to their low interest rates and refused to accept current market conditions. Quarter over quarter, listing inventory is up, but this is likely a function of normal seasonality.
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Apartment sales in Manhattan dipped by 18% year over year in Q3 as higher interest rates and the struggling stock market took their toll on the New York real estate market. It was the first time since 2020 that Manhattan saw a decrease in the number of residential real estate transactions.
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Shrinking supply and spiking mortgage interest rates drove Manhattan's residential real estate market's closed sales statistics during the fourth quarter of 2023.
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