Manhattan Real Estate Sales and Prices Take a Hit Amid Pandemic.
TL;DR Summary
Manhattan residential real estate sales dropped by 38% in Q1 2023, with the average sales price falling by 5%, due to high interest rates deterring buyers and low inventory. However, luxury real estate transactions increased by 11% YoY, with 75% of sales over $5 million being all cash. Real estate experts predict a seasonal uptick in Q2, but it depends on whether the Federal Reserve holds rates where they are.
- Manhattan home sales plunge 38% as prices drop 5%: report New York Post
- Apartment-Building Sales Drop 74%, the Most in 14 Years The Wall Street Journal
- Manhattan real estate sales plunge 38%, but cash deals hit all-time record CNBC
- Manhattan home sales slow down coming out of pandemic boom Crain's New York Business
- Wealthy NYC Homebuyers Are Looking for Luxury Bargains Bloomberg
- View Full Coverage on Google News
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