According to a new report from Warburg Realty, New York City’s real estate prices have fallen an estimated 10-20% since their peak in 2015. While the landscape of the city’s residential market is mixed, CNBC’s Javier E. David reports that much of the city is currently in a buyer’s market.
"The news from the post-Thanksgiving period is that this price capitulation has begun driving deals," wrote Frederick Peters, Warburg's CEO, in the firm's fourth quarter NYC market report. "In December sellers whose pricing reflected the new market realities sold their properties, especially where inventory remains limited."
Home prices in Manhattan slid more than 3 percent in November versus the prior year, according to StreetEasy data, with 18 percent more homes on the market during the month than the comparable year-ago period.
…Still, the city is building residential units at breakneck speed, raising the possibility that many of those vacancies will go unfilled in the coming months. A February report from analytics firm CoStar Group showed that New York City has more than 60,000 units under construction – the most of any U.S. city tracked by the firm.
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