The Monthly Mag - August 2022

Hello!

Hope all is well with you as summer comes to a close!

Summer is typically a slower time in the New York City real estate market, and this summer is no exception. The past few weeks have been quiet as many are traveling and enjoying their last bit of sunshine.

However as discussed in earlier months, the cooling in activity is not necessarily just a slow in demand. While some buyers have been hanging back until they have a better sense of the economy, part of the slowdown is due to lack of inventory. Better indications of where the market has settled will come post-Labor Day when sellers typically launch listings. With more data we will be able to see how rising interest rates have impacted market demand and its interaction with available inventory.

Meanwhile, the rental market is extremely competitive. The average monthly rent for an apartment in Manhattan hit $5,000 for the first time ever and could rise even higher.

As always, should you need any help buying, selling or renting in New York or elsewhere, it would be my pleasure to serve you.

Regards,

Maggie