Manhattan Market Intelligence

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

The Federal Reserve's long-anticipated rate cut became a reality yesterday, marking the first reduction in over four years. The key interest rate was slashed by 50 basis points —an unusually large cut—bringing the federal funds rate to a range of 4.75% to 5%. This decision surprised analysts, who had largely expected a more modest 25-basis-point cut, making the move both larger and more impactful than predicted. While this long-awaited news might lead some to expect an imme