Is Now the Time to Sell Your NYC Apartment? Here’s Why You Don’t Need to Wait for Spring
As of December 2024, New York City's real estate market has outperformed the previous year, with luxury sales surging by an impressive 40% year over year. If you're contemplating listing your apartment for sale, you might be wondering if it’s better to wait until the spring market kicks off. However, in NYC, conventional wisdom doesn’t always apply, and there are several compelling reasons why selling now could be a smart move.
1. Huge Surge in Holiday Visitors
New York is a magnet for millions of visitors between November and January, many of whom are potential buyers looking for second homes or pieds-à-terre. While it’s true that sales volume typically dips in December and January, New York’s unique vibrancy during the holiday season attracts some of the wealthiest individuals in the world—many of whom are not only shopping for gifts but also for real estate. Additionally, many New Yorkers enjoy more free time over the holidays, which can lead to more property viewings and potential deals.
2. Less Inventory, More Attention
Despite a strong sales year, inventory in NYC never reached the usual 7,000 listings typical in years past. This reduced supply means that homes currently on the market, especially fresh listings, are likely to get more attention and stand out. Fewer properties competing for buyers’ attention can translate into faster sales at stronger price points.
3. Election Uncertainty Is Over
Whether your preferred candidate won or lost in November, the political landscape has now stabilized. With the election behind us, investors and primary homebuyers alike have a clearer picture of what to expect over the next few years. This stability tends to reduce market volatility, creating a more favorable environment for major purchases like real estate.
4. The Market Isn't Slowing Down
Buyer activity has continued strong well into late fall, with nearly 1,000 sales in Manhattan over the past four weeks alone. This suggests a persistent demand that isn't constrained by the typical seasonal calendar. Homeowners who take advantage of this ongoing buyer interest could see their properties sell more quickly and at higher prices, even during the winter months.
