The revived New York City real estate market is seeing strong demand and attractive prices relative to recent history, a top broker told CNBC on Tuesday.
“The story that I’m seeing across the board: All segments are transacting. New York is back, and people want to be here,” Christopher Kromer, a broker with Brown Harris Stevens, said on “Power Lunch.”
“We’re coming off a record number of signed contracts in the second quarter, and what’s driving that is buyers are seeing value. They’re sensing opportunity, and there’s a real sense of hope for an economic boom in September when it opens up.”
Kromer said potential buyers can still find reasonable opportunities, after real estate prices in the city were depressed during the height of the Covid pandemic. “For the most part, if you’re buying today, it’s probably less expensive than it would have been three or four years ago,” he said.
However, a recent report from Douglas Elliman and Miller Samuel found the median resale price for Manhattan apartments reached an all-time high in the second quarter. Average sale prices rose 12% in the quarter and topped $1.9 million, and there was also a 150% gain in sales during the same time period compared with last year.