Manhattan Market Intelligence

Despite expectations that rental prices had peaked, they've continued soaring to record-breaking highs . Last month's news of stagnant interest rates prompted some prospective buyers to pivot , flooding an already saturated market with additional renters. However, despite the uptick in rates, Greg Heym, Chief Economist at Brown Harris Stevens, notes that while mortgage rates have risen, they remain nearly 1 percent lower than the average rate over the past 50 years. This bri

According to a recent market analysis, New York City is experiencing a staggering rise in rental costs , outpacing wage growth by a significant margin—seven times faster to be exact. While average wages in the city increased modestly by about 1.2 percent last year, median rents surged by a striking 8.6 percent, as reported by Zillow rental data and the U.S. Bureau of Labor statistics. This gap between wage and rent growth is unparalleled among the top metropolitan regions, wi

PropertyShark just released its annual list of the Top 50 Most Expensive NYC Neighborhoods for Q1 2024. Notably, two of this year's top three neighborhoods, Hudson Yards and Tribeca, retained their top positions from the previous year's rankings for the same period. Joining them this year is Soho, ascending from its previous 4th spot in 2023 to the 2nd most expensive neighborhood this year, edging out Brooklyn’s Vinegar Hill which ranked as 3rd most expensive NYC neighborh

Last week marked a significant development in the housing market as mortgage rates surpassed 7 percent for the first time since November . This uptick in rates appears to have contributed to a notable decline in existing home sales in March , following two robust months prior. The surge in closings experienced in January and February was likely a result of rates falling more than one percent at the end of 2023. This underscores the enduring influence of interest rates on sale