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.
- 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.