Happy New Year! The Week in NYC Real Estate

The Weekly Recap

Good morning and Happy New Year! The housing inventory shortage is finally showing signs of easing, TriBeCa is the most expensive neighborhood for renters in Manhattan with a median asking rent of $8,295 while Midtown East was the most searched and Dumbo the most expensive in Brooklyn. Bitcoin rally has leveled off with the crypto coin hovering around $93k and if you’ve had a hard time on the dating apps A.I. is coming to the rescue.

If you missed this newsletter, Why Are Mortgage Rates Going Up Even After the Fed Cut Rates, back in October it was one of the most read newsletters of 2024. You can check it out through the link.

Happy New Year!

—This portion of the newsletter will take a little hiatus until the beginning of the year and returning next week on 1/10/25 —

Market Performance

Here are how some other indexes and asset classes have performed as of this morning’s opening bell.

NYC Market Update

Here is a view of new inventory that has come onto the NYC market over the past WEEK as well as newly signed contracts in Manhattan. A very expected holiday slowdown.

Mortgage Rate Update

Mortgage rates increased again, hovering a shade below 7% and are elevated compared to this time last year. There are still some affordability headwinds that exist but buyers are more inclined and eager to get off the sidelines as pending home sales rise. The addition of more inventory to a supply starved market should also continue to alleviate upward pricing pressures as we move forward into 2025.

News You Can Use

• The Housing Market Should Pick Up This Year Yahoo Finance

• US Pending Home Sales Hit 21-Month High in November Reuters

• These Are the Most Expensive Neighborhoods for Renters in NYC NY Post

• US Economy Surprised Again in 2024 Despite Fed, Election Drama Bloomberg

• Counting Down to an Even Bigger Year of Luxury Pursuits Bloomberg

• Housing Shortage Eases with Four Year High Jump NY Post

• US Unemployment Hits an 8 Month Low Associated Press

• Here’s One Soft Spot in the Economy Heading into 2025 Wall Street Journal

• Top 2024 US Office Deals Show Survival Strategy in Brutal Market Bloomberg

• Stocks Finish Strong 2024 With A Whimper Axios

• How the Fed and Trump Could Collide in 2025 Yahoo Finance

• Bank Bull Run Seen Thundering Onward With Hedge Funds Loaded Up Bloomberg

• America’s Business Winners and Losers of 2024 Fox Business

• Dating Apps Prepare to Launch AI Features to Help Users Find Love Guardian

The Deep Insight

Contact Me

Feel free to reach out to discuss more in-depth about your real estate goals, share your thoughts about my newsletter, or to share what you're experiencing in this market. Looking forward to hearing from you!