There’s only one thing you need to remember as you go into 2024, at least as it relates to the New York City Real Estate Market: 99% of what you’ll hear or read has nothing to do with it.
That’s right. Manhattan hasn’t been operating like anywhere else.
- Think there’s no inventory? Wrong.
- Think it’s a seller’s market? Wrong.
- Think there have been bidding wars? Mostly wrong, too.
In nearly every other market, buyers vociferously complain about no inventory. In Manhattan, inventory is only down about 10%. In every other market, bidding wars sustain record prices, despite mortgage rates. Again, Manhattan buyers see a different landscape, with great deals and fewer competitors. And those bidding wars? Only recently have we started to see buyers get gazzumped by buyers willing to pay a little bit more.
It will pay for you to ignore almost all the news that hits your phone. Not only is it probably wrong, but what is “right” will be 3 months old. The quarterly reports that will come out next week will be far less helpful than inventory reports like these my firm puts out monthly-along with our commentary.
Right now, we’re seeing the shift away from Manhattan’s buyers’ market. We called the bottom of the housing market in November. Every sign points to that being the case now.
To learn more, be in touch. We will point you to the data that is worth tracking. Like a truffle pig, we know where the treasures are buried, and where they’re hiding in plain sight. Luckily, there’s not that hard to find- with the right nose. Happy New Year! – Scott & The HRT