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New York City Housing Markets See Post-Pandemic Growth

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New York City Housing Markets See Post-Pandemic Growth

The concrete jungle is back in business.


October 21, 2021
Row of townhouses in New York City
Image: Stock.adobe.com

After a year of sluggish market growth during the pandemic, New York is seeing a resurgence of home buying with one firm reporting the most third-quarter sales in over three decades.

As buying interest steadily increases, median prices in New York City’s five boroughs are inching back to pre-pandemic rates, according to Realtor.com.

“Many of these people saw what happened after the [housing market] collapse in 2008,” said Donna Olshan, head of Olshan Realty Inc., a New York residential brokerage firm. “They saw that when New York goes on sale, it’s for a short period of time.”

The median sale price for Manhattan condos and co-ops reached a pandemic low of $1 million during the second quarter last year, a nearly 18% drop from the same period in 2019, according to Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. That price drop reflected both people fleeing the city and owners of higher-end apartments waiting to sell.

Ms. Olshan said pent-up demand from 2020 will likely continue to fuel sales into the first quarter of next year. In November, vaccinated foreigners will be allowed to resume travel to the U.S., which she believes will lead to more international investment in New York City.

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