April – 2024 Market Update

The LevinKong Team hopes you are enjoying the beautiful spring weather we have been experiencing lately. In New York City, we welcome the warm weather, al fresco dining, and rooftop gatherings that we eagerly await all winter. As the first quarter wrapped up, NYC’s housing market began showing signs of a resurgence, but that activity hasn’t been equally distributed through all market segments.

In general, inventory levels have further retracted as demand has continued to increase. In Brooklyn, supply dipped an additional 5.1% from this time last year. At the same time, pending activity increased by 26.1%. This dynamic led to a 6% bump in the borough’s average price per square foot. In Manhattan, supply dipped by 2.7% over the same period, and pending activity increased by 20.1%. While we would expect this to lead to higher prices, Manhattan has remained relatively flat. Again, as we have seen for over a year, the market is incredibly segmented, and some segments are doing significantly better than others.

Many New Yorkers are back to in-office work, noticeable in the subways and the city’s sidewalks. This trend has been adding participants to both the rental and sales markets. However, buyers who have been waiting on rate cuts look like they may have some more time to be on the sidelines. The Fed is meeting this week, and most experts expect them to hold tight. The vast majority of buyers that we are speaking with understand this and have decided to take advantage of the current market conditions and look to refinance in the future.

With proper guidance, many ways exist to take advantage of this dynamic and intricate market. More than ever, a data-driven, research-based approach rooted in decades of experience will equip our clients to thrive in this environment. Please stay safe and let us know if we can answer any questions you may have about the market or how best to navigate complicated decisions.