The June 2024 NYC real estate market report reveals a mixed landscape characterized by high mortgage rates and rising inventory levels. Key highlights from recent reports include:
- Market Activity and Prices: The market is seeing an increase in for-sale inventory, which rose by 35.2% year-over-year in May. Despite this, home prices have remained relatively flat compared to last year, though the price per square foot has increased by about 3.8%, suggesting a shift towards smaller, more affordable homes entering the market (Norada Real Estate Investments) (Norada Real Estate Investments).
- Impact of Mortgage Rates: Mortgage rates have climbed back over 7%, which continues to challenge affordability for many potential buyers. This has led to a cautious approach among sellers, with new listings growing at a slower pace compared to previous months (Norada Real Estate Investments).
- Regional Trends: The South has seen a significant rise in affordable home listings, leading the national trend in inventory growth. However, NYC still faces a considerable inventory shortage compared to pre-pandemic levels (Norada Real Estate Investments).
- Sales Performance: The median sale price in NYC as of March 2024 was $564,167, with homes typically going into pending status within 23 days. About 44.7% of sales were over the list price, indicating a competitive market despite the challenges posed by higher interest rates (Norada Real Estate Investments) (Redfin).
Overall, the NYC real estate market in June 2024 is navigating through high mortgage rates and evolving buyer preferences, with an increased focus on affordability and smaller homes. The market remains competitive, though there are signs of a gradual shift towards a more balanced state. For more detailed insights, you can explore the full reports from Norada Real Estate and Redfin (Norada Real Estate Investments) (Norada Real Estate Investments).
