With the mayoral election tomorrow, many have asked:
“Are people leaving because of a possible Mayor Mamdani?”
The answer is no and the numbers prove it.
Buyers still want to live in New York. Some are even moving here from other states or purchasing pied-a-terres. The market has been very active, and prices remain steady.
If people were leaving, these numbers would be falling but they’re not.
New York is bigger than politics.
Year over year, signed contract in the $3-$4M range increased 81.4%! The $4M and above range increased 21.4%. The $1M and under market was the weakest, decreasing 7.3%. This is likely due to this pool of buyers need to finance.
The next chart shows a strong, balanced market across Manhattan. October saw more signed contracts than usual for the month. Negotiability is at 4.5%, less than last year.
This data reflects the overall Manhattan market, but not every neighborhood, building or property moves the same way.
If you’d like to know what’s happening in your specific micro-market, I’m happy to provide a free market evaluation.
Thank you for your continued trust. I’m grateful for the chance to help you, your family, friends, and colleagues.
Please reach out anytime with questions. I’m always here to help.
Warmly,
Kimberly
