Winter is typically a time when the real estate market slows down, with buyer activity cooling alongside the temperatures. Prices tend to stabilize in a less competitive environment, and many properties linger on the market longer than they would during the peak summer months. While this seasonal pattern has held true in many markets, some New York real estate experts are reporting an unexpected surge in bidding wars on previously stagnant listings—signaling a surprising shift in market dynamics.
Leslie Hirsch and Howard Morrel of Christie’s International Real Estate Group have witnessed this trend firsthand. The two New York-based realtors were initially puzzled by the lack of movement on several well-priced listings. However, in the past month, they have seen a sudden wave of buyer interest, with multiple properties now drawing competitive offers.
“For months, we were scratching our heads, wondering why these great apartments weren’t moving. Then, overnight, we were in bidding wars,” says Hirsch. “Buyers who were waiting on the sidelines are realizing that if they don’t act now, they may end up paying more in the coming months—whether in rent or in purchase prices.”
According to these experts, several factors may be driving this trend. Growing buyer confidence in the wake of economic and political uncertainty, along with increasing acceptance of current interest rates, are likely key contributors. Also, buyers may be rushing to capitalize on the winter deals before the traditionally more competitive spring market heats up.
“The shift happened so fast—it’s almost like the market woke up all at once,” says Morrel. “It’s a clear sign that well-priced homes are still in demand, and buyers are getting serious as we head into spring.”
Several properties have already benefited from this renewed buyer activity. The Christie’s team had listed a stunning two-bedroom with Empire State Building views that had been sitting on the market for a year with little interest. Now, three buyers have made competing bids, and the home is officially under contract. Another listing—a spacious pre-war three-bedroom unit on the Upper West Side—had struggled to attract attention but now has two offers on the table, with a third likely incoming.
Fluctuating interest rates often create market uncertainty, causing both buyers and sellers to hesitate. However, many industry professionals believe that the recent stabilization—albeit at a high rate—is actually fueling activity.
“I think the number one reason why we’re seeing this is because buyers and sellers have come to terms with where the interest rates are and aren’t expecting that they will fall dramatically anytime soon,” says Hirsch. “Buyers are understanding how the rates affect their purchasing power, and sellers are understanding how the rates affect the value of their assets.”
Another factor at play is the seasonal decline in inventory. Fewer listings mean that buyers must be more aggressive in securing desirable properties, further intensifying competition.
Other real estate professionals are reporting similar market conditions. Laura Cook, a real estate salesperson with Keller Williams NYC, has observed several instances of sudden bidding wars on her listings—properties that had been on the market anywhere from 80 to over 300 days.
“The reason this is happening is inventory is incredibly low and the median listing price is significantly lower year-over-year. Less new development and many sellers got realistic in a hurry. This has compelled buyers back into the fold, and market absorption has shifted significantly since December 24,” adds William Kroos-Tadas, a real estate salesperson with Keller Williams NYC.
As we move closer to spring, this momentum is expected to continue—potentially setting the stage for an even more competitive market in the months ahead.
