Manhattan Market Intelligence

In an unexpected twist, August sales activity has surged after a sluggish spring. The heightened competition has even sparked some bidding wars. Whether this momentum carries into the fall remains to be seen, but it seems likely as mortgage rates continue to drop alongside the anticipated Fed rate cut in September. John Walkup, co-founder of Urban Digs, observed, 'The first half of August saw buyers entering the market at a pace surpassing that of the past few years . While i

Not long ago, foreign buyers were snapping up New York City real estate at a rapid pace, but over the past year, sales activity has cooled. With low inventory, high prices, and a strong U.S. dollar, international buyers have eased off the gas. Some may also be hesitating due to the upcoming election, opting to wait and see how things unfold in November.   The National Association of Realtors (NAR) reported a 36 percent year-over-year drop in U.S. real estate sales  by foreign

Yesterday, we learned that inflation fell to 2.9 percent  year-over-year—the lowest since March 2021. This economic data suggests that we may see the anticipated rate cut  by the Fed in September, which could help stimulate the market. This summer, the market was sluggish  as buyers held out, hoping for more inventory and lower prices, while sellers waited for stronger demand to push prices higher.   For those eager to buy but holding off to see what the Fed might do, this co

A new list of the Top 50 Most Expensive Neighborhoods  in New York City for Q2 2024 was released by PropertyShark . The coveted top three spots saw no change from Q1 : Hudson Yards  held the lead with a median sales price of $7.5M, followed by SoHo  at $3.1M, and Tribeca  at $2.9M. Notably, Hudson Yards' median price, more than double that of SoHo, was based on just five sales, whereas SoHo's figure encompassed 37 sales.   Fieldston  made a notable return with a 257 percent p