Sales soften in the NYC luxury real estate market

The Federal Reserve latest Beige Book report shows “sluggish” sales in the high-end tier
  • Many New York City residential experts observed the overcrowding of the high-priced market.
  • Although moderate residential properties in Manhattan have shown value appreciation, steep properties experienced seven consecutive months of decline.
  • Luxury bidding wars have decreased, and residential sales and rentals have decelerated.

Manhattan and New York City possess some of the priciest housing averages in the U.S., and the market is a haven for the premium development crowd. But now, even for the ultra-luxury niche, supply seems to be outpacing demand.