Joshua "Josh" Weisfeld is an asset manager with W. Brothers Realty, LLC, in New York City. As a property manager and commercial real estate professional, Joshua Weisfeld has gained an acute understanding of the city’s housing market.
A combination of factors resulted in 2021 being a challenging year for home buyers. Low rates encouraged many first-time buyers to search for a home, but a nationwide shortage of properties and high prices led to expensive bidding wars.
The housing market in New York City was no different. The city’s diminished housing supply could not meet the demand of interested buyers, and prices have recovered from the worst periods of the COVID-19 pandemic. During Q3 2021, 42,688 closings represented a 15.5 percent year-over-year increase, while inventory fell by 21.9 percent to 42,849 units. The median sales price hit $385,000, a 26.2 percent increase.
The competitive nature of the city’s housing landscape could be seen in how quickly houses came off the market. Properties spent an average of 46 days on the market, a 33.3 percent decrease from Q3 2020. Further data supporting New York City as a seller’s market can be seen in the Housing Affordability Index falling to 126, a 15.4 percent decrease, and sellers receiving 102 percent of listing prices. The latter is a 3.1 percent year-over-year improvement. These trends are positioned to continue into 2022 and beyond as prices stabilize.
