While Manhattan’s real estate market is known for its competitive nature and incredibly high prices, the impact of COVID-19 has managed to reduce prices and open up availability. Homebuyers have made a quick comeback since the economy re-opened last summer. This is even more evident now that vaccines are rolling out across the country.
According to Norada Real Estate Investments, Manhattan is leaning towards a buyer’s market. Data by Redfin indicates that there are currently 26,449 active listings throughout the area. According to NYSAR’s February 2021 report, there was a 24% increase in closed sales, a 22% increase in median sales price, and 31.5% decrease in homes for sale.
Freddie Mac Chief Economist Sam Khater said “While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percentage range for the year.”
Here are some of the most attractive properties on the market, that will surely benefit from NYC’s current status as a buyer’s market.