RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Regional Spotlight: NYC Real Estate Experiencing Post-COVID Rebound

Home Latest News
By Liz Dominguez
July 7, 2021
Reading Time: 2 mins read
1

The New York City market is typically bustling; however, there are two segments of real estate that have truly turned a corner as the economy recovers from COVID-19: apartment and luxury-home closings.

According to Brown Harris Steven’s second quarter Residential Market Report, activity within apartment closings has surpassed pre-COVID levels in some cases with 3,944 sales reported—more than double YoY.

This is happening across all price points, but is particularly significant in the resale categories for apartments priced over $5 million. In this area alone, closings are up 85% from the first quarter.

Much of the same is occurring in the luxury markets, with average resale prices up 21% from the first quarter, reaching the second-highest level ever recorded.

What’s driving this post-COVID rebound in apartment and luxury home closings?

According to Bess Freedman, CEO of Brown Harris Stevens and a 2021 RISMedia Real Estate Newsmaker, a return to “normalcy” has been key.

“As things open up, and vaccinations continue, consumer confidence is up and people want to spend,” Freedman tells RISMedia. “The pandemic really widened the wealth gap in many ways—while some people struggled to stay employed and in homes, others made more money than ever before.”

Competition is driving prices up—as with much of the country. According to the report, the average price for a new development was $3,055,471 million—4% higher than the first quarter. And luxury resale closings increased by 21% from the first quarter, posting a median price of $998.250.

“We are seeing that upcoming tax changes in New York coupled with the looming threat of heightened federal taxes on the wealthy have spurred spending sprees,” says Freedman. “NYC real estate has always been a safe bet for those looking to invest their money, and that has resulted in one of the best second quarters in Manhattan we’ve ever experienced.”

Where is the business primarily occurring?

The East Side takes the lead with 21% of resales, followed by Downtown South of 14th Street (21.3%), West Side (19.1%), Midtown (17.2%), Downtown 34th to 14th Street (12.9%) and Upper Manhattan (6.4%).

It will be interesting to see if shifting office trends will impact location preferences and prices in the future. According to the report, the Partnership for New York City found that 62% of Manhattan’s one million office workers are due back by September.

“I believe the NYC market is going to remain strong especially since the suburban and second-home market frenzy is not sustainable,” says Freedman. “Right now, we are in a buyer’s market in Manhattan, but the pendulum is starting to swing toward a more normal ebb and flow. Housing prices are up around the country even though rates are down, and this is a result of lack of supply and heightened demand.”

“The dynamic will balance out eventually, but it will take time,” adds Freedman. “The bottom line is, New York City has always been desirable and will continue to be desirable. It’s the greatest city in the world and that won’t change.”

To read the full report, click here.

Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to lizd@rismedia.com.

Tags: Brown Harris StevensHousing MarketIndustry NewsNYC Real EstateReal Estate Brokeragereal estate news
ShareTweetShare

Liz Dominguez

Related Posts

California Brokerage Joins the RE/MAX Brand
Industry News

California Brokerage Joins the RE/MAX Brand

June 13, 2025
Kim Prior’s Purpose-Driven Leadership Style Unlocks Trust and Better Outcomes
Industry News

Kim Prior’s Purpose-Driven Leadership Style Unlocks Trust and Better Outcomes

June 13, 2025
Consumers
Economy

Consumers Warming up as Sentiment Improves for First Time in 6 Months

June 13, 2025
REMAX
Agents

RE/MAX Results Acquires Chippewa Valley’s RE/MAX Affiliates

June 13, 2025
Howard Hanna
Agents

Howard Hanna Distances Itself From NAR in Buyer Lawsuit as It Charts New Course

June 13, 2025
Creating Opportunities for Future Leaders
Industry News

Creating Opportunities for Future Leaders

June 12, 2025
Please login to join discussion
Tip of the Day

10 Key Strategies From Experienced Agents to KO the Competition

It’s an intense competition to not only land clients and listings, but to decisively defeat competing agents by closing sales and collecting commissions. Read more.

Business Tip of the Day provided by

Recent Posts

  • California Brokerage Joins the RE/MAX Brand
  • Kim Prior’s Purpose-Driven Leadership Style Unlocks Trust and Better Outcomes
  • Inventory Rose for Fifth-Straight Month: Homes.com

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X