By Jennifer White Karp | January 2, 2024 – 9:30AM
A forecast of the 2024 New York City Real Estate Market featuring Nicole Gary
Deals in New York City’s sales market plunged in 2023, a result of uncomfortably high mortgage rates that turned off buyers and sellers alike. Even buyers who didn’t need financing were left high and dry because of very low inventory. The problem, in a nutshell: Sellers were sitting on mortgage rates as low as 3 percent and were reluctant to buy if it meant paying 7 or even 8 percent.