October – 2024 Market Update

The LevinKong Team hopes this message finds you well and enjoying the beautiful Fall weather. As October comes to a close, we reflect on a month that started with a burst of activity but has since slowed down as we approach the upcoming election. November is a time for family, gratitude, and giving back to our communities. We take pride in our role within the New York City community, striving to be positive, supportive, and charitable. We are also deeply thankful to our clients for their trust in us this year.

After a relatively slow year in New York real estate—due to geopolitical and economic uncertainties and higher interest rates—market participation saw a notable increase in mid-Septmeber. This trend persisted into the first half of October but began to fade as the election approached. Having navigated six presidential election cycles, we recognize this pattern; consumers typically re-engage once the outcome is clear.

This Fall marked a resurgence in the luxury market in NYC, with deal volume rising nearly 30% year-over-year and almost 40% on the Upper East Side, a key luxury segment. However, the market remains highly segmented, and not all areas experienced this uptick in activity. Our prime Brooklyn markets continue to favor sellers, while many parts of Manhattan still lean towards buyers, where well-priced properties are taking longer than anticipated to sell.

Interest rate fluctuations, which many expected to be more significant, have played a role in this dynamic. Following a brief dip, rates began to rise again, leaving many first-time buyers on the sidelines. We anticipate a more meaningful drop in mortgage rates next year, potentially re-engaging those buyers. However, rate cuts may not sufficiently increase inventory to meet demand. Therefore, we encourage buyers, particularly in Manhattan, to act before this shift occurs.

With the LevinKong Team, you can navigate the complex and evolving real estate market with confidence. Our decades of experience, combined with a data-driven, research-based approach, are invaluable assets in this environment. We are committed to helping you achieve your goals, protect your investments, and address any questions or concerns you may have about the market or your decisions. Our steadfast dedication to your success reflects how much we value and care for our clients.