If you are currently looking to buy a home in New York City, 2018 might be the year to do it.
According to a recent article posted on StreetEasy, the number of Big Apple homes listed for sale increased to a record high in the last few months. Street Easy said that with more inventory expected to flood the residential market this fall, it could nudge sellers to cut prices on apartments that have yet to be snapped up or meet buyers' demands. All in all, buyers will have the power to leverage.
June inventory for homes priced in the range from $560,000 to $750,000, said StreetEasy, went up 39 percent and 32 percent for Manhattan and Brooklyn respectively from 2017.
“No matter what type of home you are looking for,” according to the article, “there will likely be more to choose from than in past years. And while New York remains one of the world’s most expensive cities, this year’s for-sale inventory includes a significant number of units at lower price points.”
In its May 2018 market report, StreetEasy said that inventory in Manhattan climbed 16.7 percent year-over-year, setting a record; Brooklyn saw a jump in inventory by 23.4 percent from last year as well as Queens by 42.8 percent.