Real Estate Tips February 8, 2023

A Snapshot of 2022 Q4

After a torrid two-year spike in sales and prices in 2020 and 2021, the housing market in the New York metropolitan region downshifted in the fourth quarter of 2022. Sales fell dramatically from last year’s all-time highs, hampered by a sharp rise in interest rates, “sticker shock” at home prices, and a lack of sellable inventory. But even with the market slowing down, prices continued to appreciate, reaching new all-time highs throughout the region. Sales fell dramatically from their all-time highs of 2021, but remained consistent with their pre-Covid boom levels. Even with sales slipping, prices continued to hit all-time highs through the end of 2022. Inventory came up a bit, but still remains at historic lows. Read more and download the full report here: The Real Estate Market Report Q42022