Manhattan Real Estate Market Booms
Over 28,000 Homes Currently on the Market
Zillow Lists Over 21,000 Homes for Sale in New York City
The Manhattan real estate market is experiencing a surge in activity, with over 28,000 homes currently listed for sale. Zillow, a leading real estate website, reports having over 21,000 homes listed in New York City alone. This surge in inventory is driven by a combination of factors, including rising interest rates and an influx of new construction.
The increase in interest rates has made it more expensive for buyers to finance a mortgage. As a result, many buyers are selling their homes in order to lock in lower rates. This has led to an increase in the number of homes on the market.
At the same time, the construction of new homes has been increasing in Manhattan. This is due to the strong demand for housing in the city. The new construction is adding to the inventory of homes available for sale.
The increase in the number of homes on the market is expected to lead to a decrease in prices. Buyers will have more options to choose from, and sellers will be more willing to negotiate on price. This could make it easier for buyers to find a home that meets their needs and budget.
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