New York City’s Real Estate Market Shows Signs of Cooling Down

New York City’s once red-hot real estate market is beginning to cool, as rising interest rates and increasing inventory levels slow the pace of sales. According to recent reports, the average time on the market for homes in Manhattan has increased, and sellers are finding it harder to achieve the record-high prices that characterized the pandemic boom. This cooling trend is leading some buyers to adopt a wait-and-see approach, hoping for better deals in the future. However, luxury properties and well-located homes are still performing relatively well, underscoring the market’s complexity and diversity.