Does New York Real Estate Prove Slow and Steady Wins the Race?

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Does New York Real Estate Prove Slow and Steady Wins the Race?

2024's contract activity finally edges out 2023 with a robust Q3-2024 performance. September's +21% contract surge over Sept-2023 has squeezed out 127 more contracts than 2023 thus far, and we will take it! After a lackluster 2023 and a sideways performance for the majority of 2024, we welcome any positive indicators leaning toward a healthy market recovery. We, also, appreciate the stronger demand coming into election season, which typically keeps buyers on the sidelines. But, buyers don't seem as spooked as they have been in the past as a result of pent up demand and a 50 bps rate cut.

After 14 straight months of underperforming the rolling seasonal average of monthly signed contracts, August and September are moving more in-line with them (see chart below).
The dip in contract activity from Q2 to Q3 is typical as July, August and September are NYC's slow performing months.

New York City is made up of numerous micro-markets. Call us for a valuation of your market and home. Trust your neighborhood experts!

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Does New York Real Estate Prove Slow and Steady Wins the Race?