In the fourth quarter of 2018, NYC median home prices dipped below $1 million for the first time in three years. This news combined with Manhattan overall sales dropping 14 percent, marking the worst year since the 2009 housing crash.
The reasons for the drop or reset is due to an overstock of high-end luxury condos, the volatile stock market/global economy slowing down, new tax laws, as well as new regulations that aim to prevent foreign investing in NYC real estate as an all too common money laundering scheme.
Most experts agree that the sluggish market will continue in 2019, however feel that the largest dips are over. Potential buyers are very concerned about the 5th straight losing quarter of NYC real estate. Would be buyers are stand-offish about the market and are waiting on the sideline to ride it out, which in return is exasperating the problem.
With all this bad news, don’t think you’re going to get a steal on a Manhattan pad. The average price of an apartment in the city still goes for around $2 million.
What do expect for the housing market in 2019?
Seth Goldstein / Seth@NYNJ.COM / © NYNJ.COM