NYC Real Estate November Market Update

After a soft October, the NYC real estate market did not show further weakening this month, both in terms of prices and marketing time.  Median prices for homes sold and in contract in November were 1.15mm and 1.2mm, both higher than those from October.  After 6 years of a seller’s market characterized by inventory shortage, diminished marketing time and bidding wars, we were finally seeing the return of the long-term equilibrium.  Median Days on Market stabilized between 65-75 days; the discount between the final sale price and the initial asking price stayed range-bound between 10-14%; the absorption rate was at 7 months for the past few months.

For me, November was incredibly busy.  Many buyers whom I had been working with for many months, found their dream homes and went into contract this month.  Every month I answer this question a few times: “is the market going down?  Should I wait to jump into the market?”  At the current level, the market is balanced and transacting.  There isn’t a metric that says the market is due for a major correction. 

Other exciting news: this month we welcomed our second baby girl!  For me, these little hands pull me up every time I’m feeling down.  I am so grateful.