New York City’s residential real estate market in 2023 was mostly about recalibration and resilience. Despite the year’s challenges posed by banking industry shakeups, spiking mortgage rates and uncertain global political and economic landscapes, the city's real estate sector remained stable. Near the start of the year in February, appraiser Jonathan Miller forecast that this year would be one of disappointment and predicted, “Sellers are not going to get the price[s] they wanted … and buyers aren't going to get meaningful discounts.” Following are a few noteworthy market dynamics.