The election is over, and with it, the last remaining unknown of 2024—a shift from uncertainty towards post-election clarity. As we settle into the post-election landscape, New York City's real estate market is navigating a complex mix of cautious optimism.
November is on track to reach the highest contract signed activity level since Spring of 2023. So far, we've seen a 14% increase in contract signed activity compared to the historical November average (since 2008) and a 25% increase compared to last year.
We are experiencing a strengthening market, with fall on track to be stronger than fall of 2023 and 2022. The decrease in volatility is spurring demand and starting to draw buyers off the sidelines.
The luxury market, segment above $4M, experienced the most contract-signed activity since 2021– a record-breaking year for the luxury market. A testament to confidence in election results, the markets, growing GDP, and the promise of lower taxes and fewer regulations.
Advice for sellers: We are in a neutral market, and deal activity is starting to align more closely with historical seasonal trends. Buyers are starting to come off the sidelines, especially in the luxury market, and they are more open to renovation projects; however, price sensitivity is still at an all-time high. Price it right, and the market rewards you with a quick sale and minimal discount.
Advice for buyers: Buyers are starting to lose leverage as some start coming off the sidelines. Negotiability rates are at 5.9%. Spring of 2025 is gearing up to be very active for the NYC real estate market. So, if you're actively looking, this may be the time to pull the trigger. Find value in unrenovated units. Bid up for views, bid up for location and size. If you're willing to undergo what is a long and sometimes painful process, there could be a good value play.
In the meantime, have an incredible Thanksgiving. We are so grateful to be part of your real estate journey.
Gobble, Gobble!
