With only a few days remaining before we embark upon the new year, I thought it would be nice to do a short “year in review” of New York City real estate in 2022.
The year kicked off with strong financial markets, shrinking inventory, foreign buyers back in the picture, and a new mayor for NYC. These things all boded well for Manhattan real estate in January with
apartments selling at 98% of their last asking price—the highest figure since 2017—and homeowners enjoying interest rates as low as 3.22 percent.
The
first quarter exceeded all expectations with a record-breaking $7.3 billion in sales, the strongest start to any year and 44% higher than 2021. It also happened to be the third consecutive quarter with record-high sales.
By October, Manhattan had shifted to a buyer’s market as demand fell and inventory rose; yet we didn’t see any sign of deeply discounted prices at that time. As of today, the average mortgage rate is sitting at close to 7.5 percent and rates are expected to remain high into 2023.
New York City real estate had its share of highs and lows in 2022, yet one thing that remained consistent and remains true to New York—it’s never boring.
Wishing you a safe, healthy, and prosperous 2023!!