NYC Real Estate Market Update & Trends August 2021

The NYC Real Estate Market usually slows in the summer. Technically it is slowing, but not by much – buyers are not going away. I had been hoping that much of the backlog could be cleared this summer, but Pending Sales are only down 5.4% to 5,157 while Supply is dropping faster – down 7.3% to 6,441.

Contract signings in July fell 12.1% below June, but there were 1,267 contracts signed, which is still well above average, especially for the summer. New listings are dropping faster, down 16.4% from June.

As we’re watching monthly contract signings catch up to the number of new listings each month, prices are slowly but steadily rising. Buyer demand is still super high, which is why we continue to see Days on Market fall rather dramatically, down more than 14% in the last month alone.

2021 continues to be a year for the books in NYC Real Estate, with a much busier summer than usual. We usually see an increase of inventory after Labor Day. If buyer demand keeps pace, we’re likely to see prices continue to rise. That of course depends on the state of the pandemic and if interest rates remain this low.