New York Metro Area Market Update

The New York metro area real estate market is showing signs of stability and resilience as we enter the first quarter of 2023. Following some turbulence in the aftermath of the pandemic, the market has settled into a new normal that provides opportunities for buyers, sellers, and investors alike.

Here are three key takeaways to consider as you navigate the current real estate market:

• Prices are leveling off, but they still remain high.

  After several years of skyrocketing home prices, the New York metro area is seeing a leveling off of prices in many neighborhoods, including in New Jersey and Westchester County. However, this doesn't mean that homes are becoming more affordable. Prices remain high, especially in desirable neighborhoods like Manhattan, Brooklyn, and Queens. If you're looking to buy, it's important to be realistic about your budget and to work with an experienced real estate agent who can help you navigate the market.

• Inventory is limited.

  The supply of homes for sale in the New York metro area continues to be scarce, particularly in popular neighborhoods. This means that buyers may need to act quickly when a desirable property becomes available and that sellers may be able to command higher prices for their homes. If you're considering selling, now may be an excellent time to list your property since there is a high demand from buyers.

• Assistance programs exist to help with the down payment. 

  For qualified buyers, downpayment assistance programs can provide up to $100,000 in grants to help with the purchase of a home. These programs can be a great option for first-time homebuyers or those struggling to come up with a downpayment.

Overall, the New York metro area real estate market remains dynamic and challenging. It’s important to stay informed and work with a trusted real estate professional who can guide you through the market and help you make the best decisions for your goals.