It is almost as if the wild turns in the Manhattan real estate market during the pandemic didn’t happen. Almost.
The frenzy to buy apartments in Manhattan took off in 2021 as the city bounced back from the worst of the pandemic. But it nosedived at the end of 2022, with the market returning to its pre-pandemic trajectory as sales dropped and prices slipped. The only outlier is that inventory is still slow to materialize. The median price of all apartments in Manhattan in the fourth quarter was $1,100,500, down 5.
“The Manhattan sales market is exiting the euphoric market of 2021 and moving to something closer to normal,” said Jonathan Miller, president and CEO of Miller Samuel. Another reason for the slowdown:few apartments coming to market, he added. Would-be home sellers across the country have become locked in to their current apartments because they purchased or refinanced into ultra-low mortgage rates during the past few years and are reluctant to buy at the current, much higher rate.
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