In terms of sales activity, we expect the momentum from summer to carry over into the fall. Now that employers have or are planning to shift to a hybrid work model (e.g., 3-days in the office, 2-days work from home), buyer demand will most likely remain higher than normal, especially considering employers will eventually be phasing out remote work altogether at some point in time. Employers expect 76% of employees to return to the office full-time by the new year.

Keeping in mind that NYC is still in recovery mode after being faced with a stalled market in 2020, this activity is very encouraging. The market dynamics are bound to shift over time when Manhattan is no longer on the rebound; however for now, the NYC housing market should continue to be pretty active. The Q3 report will be released at the beginning of October, so it will be interesting to see how things fared out overall compared to prior years.

As I mentioned last week, buyers should feel a bit encouraged now with the increased supply on the market giving them more options and possibly some room for negotiation. This is an exciting time for NYC real estate, but at the same time, we don’t know how long this will last so it is always good practice to map out a game plan and consider timing whether you plan to buy or sell. I’m available to answer any questions you may have regarding your real estate needs.