Is NYC A Buyers Market or a Sellers Market?

The Weekly Recap

Good morning and happy Friday! Home sales in August soared to a three year high, the Fed may move off its 2% inflation target goal, US Q2 GDP growth was revised up to 3.8%, NYC is on track to deliver 50k housing units by the end of the year, the Ryder Cup kicked off this week at Bethpage, Eric Adams has essentially disappeared from the mayoral race, the UN has been in town and its getting dark outside way to early lately.

If you missed last weeks newsletter on Fed Cuts Rates and Signals More Are Ahead, you can read that through the link.

Is NYC A Buyers Market or a Sellers Market?

One of the most common questions I get from clients is whether New York City is experiencing a buyers or sellers market. The reality is that the answer is layered and impacted by factors like inventory levels, interest rates, and price segments.

For sellers, the landscape has shifted. Homes are staying on the market longer, and the days of multiple bids over asking price are less frequent. Inventory is giving buyers more choices, which means pricing power is no longer firmly in the hands of sellers. Those who want to achieve a timely sale must be strategic in pricing correctly, presenting their property well, and staying flexible during negotiations.

On the other hand, buyers are in a stronger position than they’ve been in years. With more properties available and less urgency to make split-second offers, they have the leverage to negotiate more favorable terms. While interest rates remain elevated, many buyers are taking the long view, locking in purchases now with the expectation that refinancing opportunities will present themselves as rates eventually continue to ease.

Overall, the current market can best be described as balanced, but leaning toward buyers, especially in the mid-range and luxury segments where inventory is most abundant. Sellers who adapt to this new normal will continue to find success, while buyers have the chance to move with greater confidence and less competition.

If you’re a seller, success will come from proper pricing and presentation. If you’re a buyer, this is your chance to secure the right property on your terms before competition heats up again. In either case, having a clear strategy is key, and that’s where the right advisor makes all the difference.

Feel free to reach out to discuss your real estate goals and how we can work together to achieve them!

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 NYC market activity over the past month.

Mortgage Rate Update

The 30-year fixed-rate mortgage increased ever so slightly this week after several weeks of decreases. Housing market activity continues to hold up as purchase and refinance applications were up 18% and 42% respectively compared to the same time last year.

News You Can Use

• New Home Sales Soar 20% In August for Three Year High CNBC

• US Economy Grows At Fastest Pace In Nearly Two Years Bloomberg

• Three Fed Officials See Advantages to Range For Inflation Target Bloomberg

• Fed’s Miran Makes an Outliers Argument for Rate Cuts Bloomberg

• Miran Defends Low Rate View As Colleagues Caution on Further Cuts Reuters

• NYC on Track to Deliver 50k New Housing Units By Years End NY Post

• Powell Reiterates No Risk-Free Path For Fed Amid Dual Threats Bloomberg

• The Feds Rate Path is Too Cautious to Fix Housing Bloomberg

• America’s New Apartment Boom Is Ending Axios

• Why Are So Many Big Deal Restaurants Opening Up Near Penn Station? Bloomberg

• Ryder Cup Golf Rowdiness Is Keeping the Sport Fun Bloomberg

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!