The story of New York real estate in 2022 was a tale of two markets.
The year started in the best of times, as buyers signed record numbers of contracts in February and March. Then April rolled around, and the market began to shift. By fall, it seemed as if the worst of times had arrived. Buyers were scarce, and contract volume fell significantly, with fears of price collapses bubbling up. However, as 2022 closes out, the New York City real estate markets are becalmed. Buyers are not rushed, sellers are not urgent, and prices aren’t collapsing. The market feels rudderless, and narratives are adrift. The recovery story is over.
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