Recovery in New York's Prime Housing Market
As part of our ongoing efforts to provide you with relevant and important market information, please find an update from Knight Frank.New York, New York
The recovery in New York's prime housing market is strengthening. By September, the number of completed sales in Manhattan was up 47% compared to the 2020 calendar year and had already surpassed the total sold during 2019. Prices in the borough are largely steady - see here for the full update from Kate Everett-Allen.
Liam Bailey, Knight Frank’s Global Head of Research, made the case for the recovery back in June. At the time, restaurants were crowded, domestic flights were packed and corporate America was calling its workers back. These themes have strengthened during the intervening months, though like much of Europe, infections of Covid-19 are on the rise once again and whether or not new restrictions are required will depend on how the holidays pan out.
The relaxation of international travel restrictions will strengthen the recovery further, with vaccinated overseas buyers once again able to explore the city and view properties in person for the first time in 20 months. As Kate notes, prices at the prime end of the market have been falling for nearly four years, but a return to growth is imminent, with annual prime price growth likely to hit 5% in 2022.