Red-Hot NYC Housing Market Expected To Get Even Hotter Following Listing Surge
The New York City real estate market is seeing a post-Labor Day surge after a somewhat busy summer, which may lead to one of the busiest fall seasons in years.
Roughly 30% more listings hit the market the week of Labor Day, 723 compared with an average of 553 from the same time from 2016 to 2020, and 599 during the same period last year, according to a report by real estate data firm UrbanDigs.
The $5 million-plus luxury sector saw the most action, with nearly twice the number of listings compared to the five-year average — 98 versus the 2016-2020 average of 56.
The sub-$5 million market also saw a jump in post-Labor Day listings, with 625 versus an average of 471 during the four years prior.
The inventory spike comes after a busy summer—55% of 12,000 agents surveyed by UrbanDigs consider this past August the busiest they have experienced historically.
New listing activity traditionally leads to deal volume, so the increase in inventory may cause an uptick in sales.
Rachel Ostow Lustbader, a broker at Warburg Realty, offers an inside look at the current market dynamics.
“Sellers strategically plan to list their properties right after Labor Day and buyers typically begin to search for new homes at the same time,” Ostow Lustbader said. “This year, New York City public schools did not open until September 13, a full week later, and many buyers did not return to the city from their summer homes until the weekend before schools opened. Additionally, many employers are requiring employees to return to the office at least three days each week after the pandemic forced offices to close and people to work remotely.”
Ostow Lustbader believes the delayed start “will likely increase the buyer pool and further tip the scale to a seller’s market.”
For an idea of what’s for sale, here’s a look new Manhattan listings at three different price points:
Address: 300 Central Park West
This light-filled three-bedroom sits on a high floor within the north tower of the Emory Roth-designed El Dorado building. A large living room with western views of the Hudson River, a chef’s kitchen and a corner primary suite overlooking Central Park are among features of note.
Address: 255 West 84th Street
Reached by a private elevator, this 11-room Alameda apartment features an extra-wide gallery, a new eat-in chef’s kitchen and four bedrooms split between two wings. Oak herringbone-patterned floors, custom millwork by Peter Cope and triple-pain, nose-canceling windows are among details of note.
Address: 30 East 85th Street
This three-story penthouse triplex in Carnegie Hills features four terraces with views in every direction. The great room has custom millwork, a fireplace, walls of windows center on the New York skyline, downtown Manhattan and Central Park.
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