August – 2024 Market Update

The LevinKong Team sends our best wishes for an enjoyable Labor Day weekend. As we approach the end of summer, New Yorkers are soaking up the remaining perks of this sun-drenched season. For some, that means packing a picnic to enjoy Central Park’s relaxation and sprawling landscape or the Brooklyn Waterfront; for others, it’s heading east to savor those final magical moments at the beach.

August is typically one of our slowest months in NYC real estate. However, with Fed rate cuts looming and interest rates at their lowest level in almost a year and a half, buyers have been jumping off the sidelines and back into action. This month’s pace was more robust than we have seen over the last couple of years. This was a refreshing change after a lackluster spring market, typically our busiest season. This month was particularly kind to the luxury market, where we experienced a twenty percent boon from last year.

Buyers are trying to get a jump on the anticipated competition as rate hikes will inevitably push more buyers into an already constrained inventory environment. The expectation is that rate cuts will engage more buyers than sellers and that this demand will put upward pressure on pricing. While enticing enough to motivate buyer activity, the change in the rate environment won’t be significant enough to push would-be sellers out of their historically low mortgages en mass. Good inventory is still hard to find. However, our market continues to be incredibly bifurcated, and opportunity still abounds for buyers in specific segments.

With the LevinKong Team, you can confidently navigate the dynamic and intricate real estate market. Our decades of experience and data-driven, research-based approach are your best tools for success in this environment. We’re here to maximize your goals, protect your investments, and answer any questions or concerns you may have about the market or complex decisions. Our unwavering commitment to your success and our dedication to supporting you every step of the way is a testament to how much we value and care for our clients.