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Here Are the Best Performing NYC Neighborhoods After Q3
The Weekly Recap
Mortgage rates are starting to move in the right direction seeing their biggest drop off in almost a year. Goldman Sachs is bullish on IPO’s moving into 2024 if the Fed starts to slash rates. In September, 34% of all home purchases were completed as all cash deals. Warren Buffett’s Berkshire Hathaway is sitting on an unreal $157 BILLION in cash, the IRS announced new tax brackets for 2024 and in case you haven’t noticed, it starts to get dark at 330pm now.
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Here Are the Best Performing NYC Neighborhoods After Q3.
There is a litany of stories and data that tell you how bad everyone thinks everything is at any given time. When quarterly data comes out, its a way to really track trends in the market taking a little bit of a longer, year over year approach versus week to week or month to month. In a few charts, we can see a 10,000 foot view of what we’ve seen as far as changes in median (not average) pricing and how neighborhoods have competed against one another.
(If you missed last weeks newsletter about why prices are still high alongside high rates, you can check that out here)
Here’s how each borough, with the exception of Staten Island performed, with the number of sales YoY, as expected with rising rates we would see a decrease in overall activity. This data is aggregated across all price points and property types including new development.
Source: Property Shark
Here are the highest performing neighborhoods where we’ve seen an increase in median sale price.
Source: Property Shark
Below are some of the markets where median sale prices decreased with TriBeCa losing $1k a foot YoY.
Source: Property Shark
Top 10 list of the most expensive neighborhoods by median sales price as Hudson Yards finished 39% higher than the next closest neighborhood of SoHo. TriBeCa fell from 2nd to 5th place.
Source: Property Shark
Biggest takeaways are that Hudson Yards remains the most expensive neighborhood in NYC, SoHo has overtaken TriBeCa with median sales prices up 77% as TriBeCa has seen a 28% decrease. Little Neck Queens had the largest increase in median sales pricing increasing 121% YoY and Q3 sales shows a drop across recorded sales YoY. But good news lies ahead for those who dwell in the negative in the NYC MARKET UPDATE section below.
To see the Top 50 Priciest Neighborhoods and how your area competed, head to the link below… after finishing this newsletter of course :)
Market Performance
Here are how some other indexes and asset classes have performed as of this mornings opening bell.
Source: ExecSum
NYC Market Update
Here is a view of new inventory that has come onto the NYC market over the past month as well as newly signed contracts in Manhattan.
Source: UrbanDigs
Here is how the month of October in Manhattan performed YoY, with more transactions happening THIS month than last year with rates twice as high.
Source: UrbanDigs
Mortgage Rate Update
As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living keeping the housing market nationally stagnant.
Source: FreddieMac
News You Can Use
Wall Street Starts Dreaming About Fed Rate Cuts Again Bloomberg
Stocks Enjoy Best Week In a Year Axios
Markets Price An End to Interest Rate Hikes Across the World Bloomberg
Falling Treasury Yields Could Turn Fed Hawkish if Financial Conditions Ease Reuters
Cash Offers for Homes Are Most in Nearly 10 Years NY Post
How to Interpret Mortgage Rates You See In Headlines Axios
Frustrations Over the Housing Market Bleed into American’s View of the Economy Yahoo Finance
Turning Empty Offices Into Apartments Is Getting Even Harder Wall Street Journal
The Price of Money Is Going Up, and It’s Not Only Because of the Fed Bloomberg
IRS Announces New Tax Brackets for 2024 CNBC
Warren Buffett’s Berkshire Hathaway Sits on Record $157 Billion Cash Pile Wall Street Journal
Liquidity Gridlock Worsens in US Commercial Real Estate Sector Reuters
The Deep Insight
Time
“Listen with curiosity, speak with honesty, act with integrity'“
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Paul Cibrano | VP, Managing Director
Licensed Associate Broker
REBNY Membership Committee Member
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