After nearly two years of unprecedented enthusiasm and activity, the NYC housing market has begun to slow down. The sudden shift has caused widespread concern, confusion, and curiosity, with many wondering how long the slump will last and, given pricing activity in the market and overall economic trends, how much of an impact it will have on the market in the coming year.
Brown Harris Stevens CEO Bess Freedman recently stopped by The Real Deal's "Deconstruct" podcast to provide a holistic view of the current market and where it is headed.
"The exuberance in the 2021 real estate market was record breaking. People were just spending like crazy, and nothing was stopping them ... it would have been foolish to think the exuberance of 2021 would continue through 2022." — Bess Freedman