Since Labor Day, the real estate market in New York City has seen dramatic surges, suggesting this will be one the busiest seasons the market has seen in a few years. There have been 30% more properties hitting the market this fall than has been the average in the autumn months of past years. In specific numbers, 723 homes were listed this fall compared to the 599 homes to hit the market this same time last year. On average, the number of homes to be listed during the fall months from 2016 through 2019 has been 523 proprieties.
The luxury sector in the New York City housing market consists of homes valued at over $5 million, and that sector has seen the most significant boom in listed properties. There have been double the listings this year when compared to the average over a five year period. The five year average for New York’s luxury sector has about 56 properties entering the market in the fall months of each year. However, this year has already introduced 98 properties to the market from this sector alone.
Homes considered to be outside the luxury market or those selling for under that $5 million mark have also seen a jump. The four year average of 471 properties has been surpassed by the 625 properties to hit the market in the first part of this year.
These peaks come after a summer that was also busier than usual. The large quantity of homes on the market across all sectors has led many New York City real estate professionals to predict a buyer’s market. With so many homes available, sellers will have to be more flexible in considering lower offers.
The pandemic has also played a part in creating a more chaotic buyer’s market that may not last. Since businesses and schools are just starting to reopen, many people are only now returning to the city. This means buyers who would otherwise have been browsing the market in August or September are just starting to look for homes. The influx of buyers shopping in a saturated market makes an unsteady situation worse. The higher number of buyers concentrated in the market at one time could soon lead to a shift back to a seller’s market.