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When Is the New York City Real Estate Market Going to Crash?

[Updated: May 07, 2021 ] May 06, 2021 by Barbara Zito
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The timing is interesting. Sellers didn't really start dropping their prices last March at the beginning of the core pandemic, so the increase in asking price is likely due to an optimistic outlook on the market by sellers and their agents. There is also limited inventory in certain market segments resulting in the ability to ask for a higher price.
The Queens market is being driven by people moving out of Manhattan, looking for neighborhoods with more space for their dollar. We are still seeing the pent-up demand that was artificially suppressed during COVID. As inventory comes into normal ranges and the 2020 buyer pool exhausts itself, the market will have normalized.