Market Update q2 2021

The residential market in Q2 is alive and thriving. Overall, Manhattan apartment sales volume in Q2 rose 144% year over year and 50% compared to Q1. Do you know what else increased? Pricing...6.6% year over year and 18.5% compared to Q1

Summer months are holding steady this year, which is quite unusual. However, it is not your typical summer market, we are still in the recovery stage with high demand. What is fueling all these sales? A mix of pricing, low-interest rates, and an expanded pool of buyers. There is an influx of West Coast purchasers, first-time home buyers, and suburban empty-nesters looking to enjoy the city. While inventory is increasing, pandemic pricing seems to be a phenomenon of the past.

In summary, the New York City residential market is thriving. Vaccination rates in the city have reached over 70 percent which has brought renewed optimism all-around.