Fantastic news for anyone interested in purchasing property in New York City! Due to COVID-19, the number of sales have dropped substantially in the Big Apple — making now the perfect time to buy!
The real estate market in New York City is in desperate need of healing. Fortunately for buyers, current owners and brokers are hungry for a sale. Could this make the process of purchasing property in the City simpler than in years past? The answer is somewhat uncertain at this time.
The numbers have been staggering, as of recently. In the second quarter of 2020, the number of closed sales were down 54% compared to one year ago. This marks the largest decline in more than three decades. The median sales price even fell nearly 20% — which has been the most devastating drop in a decade. This may mean that now is a great time to buy, as owners are desperate to sell.