The Manhattan Market Pulse: February 2024

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The Manhattan Market Pulse: February 2024
The Contract Activity, the number of signed contracts, for the month of January is up 19.4% compared to a year ago and down 6% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.13M, which is 5.3% higher than a year ago.

The Supply, the number of units on the market, is down 4.3% compared to the same period of February 2023. Meanwhile, the number of Pending Sales, or the number of units currently in contract, is 43% higher than a year ago.

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The Tax Break New York Relied on to Build Housing Is Gone. What’s Next?

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The Tax Break New York Relied on to Build Housing Is Gone. What’s Next?

The New York City’s divisive “421a” program has expired in 2022. Introduced 50 years ago, 421a provided developers with tax breaks to incentivize housing construction. Under 421a, developers were required to allocate a portion of units as “affordable,” plus 421a gave tax relief to the final users for 10 to 15 years.

Yet, the program faced criticism, particularly from left-leaning lawmakers who deemed it a developer giveaway.

Despite this, Mayor Eric Adams and housing experts argue for the necessity of tax incentives to combat the city’s housing shortage, ...

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Miami’s Unemployment Rate Remains At Record Low 1.4%

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Miami’s Unemployment Rate Remains At Record Low 1.4%

The Miami area continues to experience a record-low unemployment rate, with the latest Bureau of Labor Statistics (BLS) report indicating that in November, the unemployment rate in the Miami-Miami Beach-Kendall metropolitan division stood at 1.4 percent. This marks one of the lowest rates among major metropolitan areas in the United States.

Additionally, Miami-Miami Beach-Kendall saw the fastest year-over-year increase in employment among major metropolitan divisions, with a 3.9 percent growth in employment in November compared to the same period the previous year. These ...

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The Manhattan Market Pulse: January 2024

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The Manhattan Market Pulse: January 2024

What’s going on in the Residential Market? 

The contract activity, the number of signed contracts, for the month of December is down 4.9% compared to a year ago and also down 18% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.16M, and it’s 3.2% up compared to a year ago.

The supply, the number of units on the market, is down 2.9% compared to the same period of January ...

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10 NYC Neighborhoods to Watch in 2024

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10 NYC Neighborhoods to Watch in 2024

StreetEasy’s ranking of NYC neighborhoods to watch in 2024 suggests that Queens was the top destination in 2023 among renters and buyers seeking affordability. The borough’s popularity was driven by a recent surge in developments.

However, StreetEasy predicts that Manhattan will start to regain popularity among renters in 2024 as rental prices in the borough begin to drop. Trendy sub-neighborhoods within popular areas like SoHo and the Upper East Side are expected to lead the way in Manhattan. This forecast reflects potential shifts in demand ...

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