Kenny Lee’s predictions for NYC housing market in 2025 highlight a focus on affordability, with more potential buyers considering co-ops and trends influencing the luxury market.
The first major trend identified by Lee is that as affordability challenges increase, more prospective buyers may look towards purchasing co-ops instead of condos. Co-ops, typically less expensive, may require enduring a challenging approval process.
Another significant point made by Lee is that limited availability of suburban homes around New York City will discourage residents from moving out. The increased competition in suburban markets alongside greater listings in NYC gives buyers more negotiating power.
A notable observation is a boom in the luxury market, influenced by recent drops in prices and interest rates. This has made high-end properties more accessible, allowing buyers to capitalize on favorable market conditions.
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