We'll be discussing the current state of the NYC real estate market as well as the statewide market trends. 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 made a swift comeback since the reopening of the economy last summer, which led to busy fall & winter home-buying seasons. New York has been recovering from the economic impacts of the 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.