What will the market look like in 2018? The economy is strong as ever, which strengthens the buyer base who is buying to live in NYC. The negative effects of the tax bill, along with higher interest rates, will likely deter some of the buyers on the margin. Who will win this tug of war?
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After the market finally awoke from the long summer lull, prices for listings that went into contract and closed in September snapped back. Median Sales Price (MSP) for both in contract and closed listings clocked in at 1.2mm, about the same as before summer, but lower than the average MSP of 2016.
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