We can already see the two best real estate trades of 2024: (1) Sell in the Suburbs and buy in Manhattan. Or (2) sell in Brooklyn—and buy in Manhattan.

Inventory is so low in New Jersey, Westchester, and Connecticut that it’s driving their prices up. Bidding wars are just the start of it. In Brooklyn, it’s the same, even if our 4th quarter reports revealed lower sales volume. We’re not seeing any softening of prices, but the opposite at mortgage rates have dropped.

You won’t hear about the explosion of activity at the end of 2023—and the higher prices—until this year’s Q1 report. By that time, it may be too late to take full advantage of this trade. For example, we recently noticed that there were three—three!—one bedroom condominiums in Downtown Brooklyn under $900,000. That can’t be fun for buyers. But for sellers? Rapture.

The lack of sales inventory in these markets has been driving rental prices up in Manhattan and Brooklyn, too, because those people who want to move to the suburbs have nothing to buy.

Manhattan, on the other hand, has plenty of sales inventory. Slightly less than normal, to be sure, but still more than enough for the buyer demand. Meanwhile, prices have not risen.

Do you want to wait until the desperate supply issues sort themselves out? I wouldn’t think so.

If you’re thinking about moving to Manhattan, now is the time.

In Summary

• Sell in the burbs and Brooklyn while inventory is low
• Buy while rates are higher and prices are down in Manhattan
• Refinance into a lower mortgage rate—while everyone else is scrambling to buy this Spring.

If you want more insight and advice, be in touch. We’d love to help you make your next move! -Scott & The HRT