It's still wildly expensive to live in the nation's biggest city, but it appears prices are starting to moderate a bit. CNBC is calling a buyers market in the Big Apple.
New York City's pricey real estate has become a "buyers market," new data suggests, characterized by lowball offers and a rise in the number of properties staying on the market for longer.
The latest figures from Warburg Realty show that among higher-priced homes, New York City is in the throes of a "major shift" that reflects a cooling market, the likes of which hasn't been seen in almost a decade.
"Offers 20 percent and 25 percent below asking prices began to flow in, a phenomenon last seen in 2009," wrote Warburg Realty founder and CEO Frederick W. Peters in the report, which surveys real estate conditions around the city.
