The sun is shining, the cherry blossoms are popping, and the Big Apple’s housing market is buzzing with fresh opportunities. Let’s break down the latest trends, hot spots, and insider tips to keep you ahead of the game!
1. Market Snapshot: Prices are Percolating
Spring has sprung, and so have NYC home values! Median sale prices in Manhattan are up 13.2% year-over-year, hitting $1,200,000. Manhattan’s luxury condos are leading the charge (hello, $2M+ penthouses!), while Brooklyn and Queens are seeing a surge in first-time buyer activity. Inventory’s still tight, but has been trending up over the past few weeks.
2. Buyers: Interest Rates are Playing Nice
Rates are holding steady at around 6.1% for a 30-year fixed—down from last fall’s peak. Pair that with spring’s fresh inventory, and it’s a green light for buyers ready to lock in their slice of NYC.
3. Renters: Be Prepared
The rental market continues to be extremely competitive. Inventory remains low and demand high. It's extremely important to be prepared with all of your docs before starting your search as most apartments are rented within the first week and are receiving several applications.
4. Neighborhood Spotlight: Astoria
Queens’ coolest corner is having a moment! Astoria’s blend of vibrant eateries, waterfront views, and unbeatable subway access (N/W trains, anyone?) is drawing young professionals and families alike. Two-bedroom rentals are hovering around $3,200/month. I recently found my clients a beautiful and brand new 3 bedroom with parking for $5,000. Condos are fetching $750K on average; a steal compared to Manhattan. Bonus: The annual Astoria Art Festival kicks off this month.
5. NYC Fun Fact
The city’s first “skyscraper,” the Flatiron Building, turns 123 this year! Still standing tall and is currently being reimagined into condos.
Let's Make Moves Together!
As always, I'm here to help advise you or anyone you may know who is interested in making a move. Whether NYC or elsewhere, I have a robust network of agents across the US and Europe that I'd be happy to connect you with.