We'll be discussing the current state of the NYC real estate market as well as the statewide data. New York City is among the most expensive and competitive housing markets in the nation. It has also been among the most hard-hit by the COVID-19 pandemic with the worst job losses among the major metro areas in the nation.
However, buyers have made a swift comeback since the reopening of the economy this summer, which led to a busy fall home-shopping season. New York is recovering from the economic impacts of the 10-month-long pandemic. While the rents of apartments have been falling due to high vacancies, the strong buyer demand has changed the dynamics of the residential sales market that had been cooling for nearly three years.