NYC Real Estate - May 2023

Contract activity is increasing

• Manhattan inventory increased 3.6% compared to April 2023 while contract activity jumped 12.9% in comparison to previous month.
• This means we have more active buyers than units coming on the market.
• Days on the market decreased 12.7%, which also points to an active demand.   
• Median sales price increased 6% in comparison to previous month.

High liquidity - win for sellers 

The market shows high liquidity, which means:

• Sellers have a great chance to sell as there is a demand.
• Buyers have an inventory to choose from but have to be strategic with offers as there might be bidding competition.
• Pricing is not ‘over the roof’ and should be approached as ‘reasonable’ because the liquidity is still in heathy norms.

Rents keep rising

• Manhattan rents are still going up with median rental price fluctuating around $4,250.
• There are buyers who became renters because of the rising mortgage rates.
• The city is as alive as it used to be pre-pandemic and this epicenter of the constant action keeps attracting new residents, driving the rents higher.
• Lack of both regular inventory and new developments in Manhattan is also a reason for higher rents.

If you are looking to price your apartment or building, email us at [email protected] and we will prepare a free detailed market report for you. If you are relocating and looking to purchase in New York City, our team will be happy to assist. 

About the author:

Alena Sakovich
Licensed Real Estate Agent
Certified Negotiation Expert
R New York
Mobile: 917.930.9925
Email: [email protected]
@alena_vs