As the pandemic subsides, this summer could be the last chance for New Yorkers to get in on deflated Manhattan real estate prices.
Manhattan prices are de-frosting but are still better than pre-pandemic prices, according to data collected by New York brokerage Douglas Elliman.
Meanwhile, Brooklyn and Queens renters continued to get discounts compared to pre-pandemic, while buyers in the less-expensive boroughs paid 10% to 20% more than they would have pre-pandemic.
“Compared to national metro markets, Manhattan took off slowly, with a breakneck pace for deal activity starting mid-winter and reaching a peak toward the end of spring. Like other metro markets though, the peak level of activity was record-breaking,” wrote John Walkup, co-founder and COO of NYC-based real estate analytics company UrbanDigs.
Here are the latest housing prices and forecasts so you know what to expect when you hit the market.
Renters can still get in on deals
The massive deals on New York City rentals a few months ago could be drying up.
“It was inevitable that people would return to the city, and it is inevitable that, as people return, inventory will shrink and prices will go up,” said George Case of Warburg Realty.
As it stands, rental inventory in Manhattan, Brooklyn and Queens is above five- and ten-year averages, though it has come down in some areas from the glut of inventory on the market in June 2019.
But the market is still below where it was pre-pandemic, so potential renters returning to NYC or moving to the Big Apple for the first time are still poised to score good deals.