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.
New York is alive and getting better. The change is palpable. Establishments have been reopening for business gradually. Restaurants, gyms, museums and movie theaters along with pedestrian and car traffic have returned. Hotel and airline bookings are up. In-person classes at public high schools are resuming this week. Vaccines are more readily available. Those who have been immunized are expanding their social circles, albeit tentatively. Yankee Stadium and Citifield will host the start of the baseball season with 20% fan capacity. Tourists are trickling back. Federal stimulus coins are jingling. Days are getting longer and warmer. And the spring selling season is well underway for New York City’s residential real estate market.
