The downward trend in residential real estate transactions has continued into Q2 2023: sales decreased by 24% across the five boroughs, even with increased numbers in 11 of the 51 most expensive neighborhoods. The heightened Federal Funds rate has crippled market activity for about a year now, since the Fed began to curb inflation.
Manhattan represents the largest portion of the 51 most expensive neighborhoods, 25, followed by Brooklyn, 19, and then Queens, the other 7. The largest increase in sales activity, an impressive 89% Y-o-Y, occurred in Hollis Hills, Queens, whereas, on the opposite end of the spectrum, sales in Gowanus fell by 78%, the largest decrease when compared to the same period of time last year. The rest of the data corroborates the volatile nature visible in these two examples, and thus it’s difficult to find an accurate projection for real estate sales in the upcoming months.
Because of the current climate, it’s more important than ever to have attentive, meticulous legal representation. Our firm facilitates transactions at all pricepoints from both the buy and sell-side to provide clients with smooth transitions during these uncertain times.
Questions on how this could affect you? Call us today at (718)-554-6445 to set up a FREE consultation!
Sources: https://www.propertyshark.com/Real-Estate-Reports/priciest-nyc-neighborhoods/
