It's a Buyer's Market Across the Board in NYC

Written By Julia Troy | October 09, 2018 | Published in Real Estate Market Trends
2018%2f10%2f09%2f16%2f02%2f15%2f52a372e1 f31f 4107 a92d 4b67c209d53c%2fnyc%20midtown%20elegran

As many articles have recently pointed out, now is an amazing time to buy a luxury apartment in NYC. As luxury sales across Manhattan continue to fall, high-end buyers are in an amazing position to negotiate and get a great deal on a lavish home. According to a recent article in the New York Times, however, it's not just luxury buyers who can get an NYC apartment for a steal, but those looking for starter homes as well

The Times cited a recent market report which found that the median sales price for a Manhattan home fell to $1.1 million, down 4.5 percent compared to the same time last year. What's more, sales volume dropped 11 percent compared to the same time period. While a drop in sales for high-end homes was not particularly surprising since sales of luxury Manhattan apartments have been sluggish for months, what was surprising was that the report discovered a slowdown in sales in the broader market. 

The Times spoke to real estate appraiser Johnathan Miller, who explained that a sharp increase in inventory of studio and one-bedroom apartments throughout the city shows that there is a slowdown in sales for NYC homes in all price ranges, not just luxury spaces. The Times also spoke to real estate experts who explained that in this current climate, sellers need to be "razor-sharp" when it comes to pricing since overpriced homes may get overlooked by buyers. 

This is the current residential situation in Manhattan, but is the same true of Brooklyn and Queens? The Real Deal reports that inventory is also outpacing sales in these boroughs, with the state approving plans for 639 new residential units in Brooklyn and 86 new units in Queens in August, while these areas only sold 115 units and 52 units that same month, respectively. As inventory continues to outpace sales and the market becomes flooded with available homes, buyers will be in an excellent position across all three of these boroughs to negotiate for a great price. 

Are you ready to take advantage of these current market conditions and get a fantastic deal on your first NYC home? If so, visit the Elegran sales page and contact an Elegran agent today who can help you negotiate. 

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.