NEw York Real Estate | Q1 2022 Market Update

Q1 in Manhattan was quite active. With over $7 Billion in real estate transactions, CNBC reported. There were 3,500 contracts signed and no signs of slowing down. With so many transactions, it has led to a fall in supply, increasing Manhattan's demand and pricing. The average price for an apartment in Manhattan is over $2M.The most significant price gains are at the top. Prices for apartments with four or more bedrooms jumped 31% to $6.5 million over last year.

There are many factors to consider going into the 2nd Quarter, such as rising interest rates, concerns about a possible recession, and falling stocks. There are no signs of a slowing down market, that's for sure! However, people are moving due to the culture, restaurants, and all that is offered while living in the big apple. For more information on New York real estate please email me.