NYC Real Estate Market Update Q2 2021
It’s time to take a look at the latest NYC real estate market update for Q2 2021.
To view the full report, visit the links below:
It’s clear after the second quarter that the Manhattan sales market has bounced back.
Contracts signed were up a staggering 578% versus Q2 2020 – the highest second quarter level since 2007. Meanwhile, the median price rose to $1,190,000 due to more sales in the $5 million+ range and more buyers seeking larger spaces.
Closings were up 126% year over year and 42% quarter over quarter. But inventory remained high, with 7,939 units in the market – a 31% increase versys Q2 2020.
Brooklyn continued to show strength throughout the second quarter.
The median price rose to a record breaking $825,000 due to buyers showing preferences for larger (pricier) apartments. And contracts signed ballooned just like they did in Manhattan – they were up 421% year over year. Closed sales also saw a healthy 126% jump versus Q2 2020.
While inventory was higher compared to Q2 2020 (up by 37%), listings actually decreased quarter over quarter. This was due to the fact that the fast pace of sales actually exceeded the rate at which inventory could be replaced.
The market is likely to continue its comeback through the summer, especially as more and more workers return to the office. We expect things to slow down a bit over the summer due to typical seasonality. But deal volume is likely to be much higher versus previous summers.
Despite renewed interest in the market, inventory levels are still relatively high. So there’s still some deals to be had, especially at entry level (i.e. studios and 1 bedrooms). So if you’re looking to finally get that starter home, now’s the time to look!
And interest rates continue to be historically low, so you’ll still be saving quite a bit on your monthly payments if you’re able to find the right place.
Thinking about buying but not sure if you’re ready? Then sign up for my First Time Buyer Bootcamp to help you figure it out! Join here!