Manhattan Market Intelligence

The fall season in New York City real estate is off to a strong start. In September, nearly 1,700 homes went into contract—a 26.4% increase compared to last year and the highest since 2021 , according to StreetEasy. This uptick is likely due to the recent drop in mortgage rates. The market also saw over 4,100 new listings, reflecting a 7.1% rise from a year ago. Manhattan played a key role in this growth, particularly in the luxury market. With asking prices for luxury prop

During the pandemic, as New Yorkers found themselves working from home, many had to transform limited spaces into makeshift offices. Although many have returned to the office, the need for versatile, multi-use spaces remains, as the pandemic reshaped how we live and work. Older homes were often built with formal, designated areas like kitchens, bathrooms, bedrooms, living rooms, and sometimes a family room or den. However, many New Yorkers find that their dining rooms are u

The Q3 2024 Manhattan Apartment Market Report is out, and as expected, the market is showing signs of recovery. Declining mortgage rates since May have led to a 6% increase in closings this quarter compared to the same period last year. With a sharp rise in signed contracts, we anticipate a strong fourth quarter, driven by continued rate declines, easing inflation, and further expected rate cuts . Jonathan Miller, President and CEO of Miller Samuel Inc., notes, “It looks l

As discussed last week, the Federal Reserve’s rate cut won’t immediately affect mortgage rates , so we shouldn’t expect a flurry of sales activity right away. In fact, we may not see a significant uptick in the housing market for some time. Since most deals take 60 to 120 days to close, the real impact likely won’t be felt for another three to four months . Many buyers seem to be waiting for rates to drop further. As I mentioned last week, Greg Heym, Chief Economist at Brow