It was a year ago this month that I mentioned priorities and buying behavior were shifting as the city was coming out of the brunt of the pandemic. Living space became and continues to be increasingly important to New Yorkers. Although many locals have returned to the office, having the added space is still essential to them. The days when a New York apartment was looked at as simply a place to sleep and spend little time, may be behind us—at least for some.
People are seeking more space not only in the way of bedrooms, but for entertaining purposes and work space as well. According to UrbanDigs, contracts for three-bedrooms or larger units are up almost 50% compared to pre-pandemic. In fact, three-bedroom sales have seen the biggest spike in signed contracts since the market began recovering two years ago this month.
Although many people began upgrading at the onset of the recovery—taking advantage of the market conditions—New Yorkers are still yearning for the added living space even as the market is starting to level off and the days of discounts are behind us.
With economic uncertainties and climbing interest rates ahead, some buyers are looking to lock-in larger homes within their budget while they can. This enables them to have the added space in the event we were to undergo another crisis/pandemic, and not necessarily worry about having to leave the city again.
Every situation is unique and clearly this is just one of several trends we’re seeing. Whether you’re considering upgrading or just looking to move, please reach out so we can discuss your real estate needs. I am always happy to speak and it won’t cost you anything.
Happy Pride to all who celebrate!