Manhattan’s real estate market ends 2018 in slump
New York’s real estate market is in a slump.The latest batch of market reports, looking at Q4 sales in Manhattan, are here, and there are some commonalities among them; namely, the fact that median prices are falling and the number of closed sales is decreasing, while inventory is up; and apartments are spending more time on the market.
“It looks like 2019 market sales and prices might show us ‘more of the same’ as the federal tax law and higher rates play a crucial role in the housing marketplace,” Jonathan Miller, the author of the Elliman report, said in a release.
Prices dropping may not be great for brokerages, but it’s definitely a plus for those looking to buy a place. Further, it means that there are fewer bidding wars, and more instances of developers offering big incentives to buyers.