What the latest updates mean for sellers in Williamsburg and Greenpoint
Welcome to our July 2024 update on the New York housing market. If navigating the real estate scene feels as tricky as finding a decent parking spot in NYC, you're in good company. Today, we're zeroing in on New York as a whole, along with two of Brooklyn's most popular neighborhoods—Williamsburg and Greenpoint. Known for their trendy cafes, stunning waterfront views, and the defined “Brooklyn” vibe, these areas are seeing some interesting market shifts.
Whether you're a seasoned seller or just starting to consider placing that "For Sale" sign, understanding the latest trends can make all the difference. In this blog, we'll break down what's driving the market, how seller strategies are adapting, and what you need to know to succeed in Williamsburg, Greenpoint, and beyond.
Whether you're a seasoned seller or just starting to consider placing that "For Sale" sign, understanding the latest trends can make all the difference. In this blog, we'll break down what's driving the market, how seller strategies are adapting, and what you need to know to succeed in Williamsburg, Greenpoint, and beyond.
The market trends - what’s happening now?
Williamsburg and Greenpoint have always been at the forefront of Brooklyn's real estate scene, but recent trends are painting a new picture. As of June 2024, the median listing home price in Williamsburg is $1.6 million, marking a 7.2% year-over-year increase, according to Realtor.com.
Meanwhile, asking rents in New York City have seen a modest increase of 1.7% year-over-year to $3,700 in April—the highest since September 2023 also according to StreetEasy. However, this growth rate is significantly slower than the 14% increase observed last year, indicating a cooling rental market for New Yorkers.
Seller strategies—adapting to the market
Sellers are finally returning to the NYC market after a challenging spring marked by fluctuating and elevated mortgage rates. New for-sale listings rose 1.4% year-over-year, signaling that sellers are adjusting to the new market conditions according to StreetEasy as of June 18, 2024. In addition, in-contract homes increased by 1.2% annually to 10,153—the first annual increase since 2022.
For sellers in Williamsburg and Greenpoint, understanding these dynamics is more important than ever. The housing market has been affected by a decades-long shortage of new housing developments, exacerbating the supply-demand imbalance. This shortage has contributed to significant increases in both home prices and rents. The overall inventory of homes available for purchase has declined steadily over the past three years, reaching a seven-year low according to the same data.
The impact of mortgage rates
It's a no-brainer—the recent mortgage rate rollercoaster rattling through New York is stressful, constantly altering the NY housing market. It started at 7.6% in October 2023, dropped to 6.8% by March 2024, and then shot back up to 7% per StreetEasy’s data. Homeowners feel the pinch of "housing lock," and are hesitant to give up those rock-bottom rates.
In typical NYC spirit, sellers are bravely stepping into the market with ambitious pricing strategies, forcing many to rethink or slash their listing prices. Home prices managed to climb by 5% according to Forbes in 2024, proving the market's resilience. While the Fed's decision to hold rates steady offers some hope, the reality is today's mortgage payments are more than double those pre-pandemic, with 80% of borrowers facing rates over 2 points higher—according to MarketWatch in May 2024.
In typical NYC spirit, sellers are bravely stepping into the market with ambitious pricing strategies, forcing many to rethink or slash their listing prices. Home prices managed to climb by 5% according to Forbes in 2024, proving the market's resilience. While the Fed's decision to hold rates steady offers some hope, the reality is today's mortgage payments are more than double those pre-pandemic, with 80% of borrowers facing rates over 2 points higher—according to MarketWatch in May 2024.
For sellers in Williamsburg, Greenpoint, and NY at large, the market status shouldn’t deter you from listing your home—in fact, it can push you to make the right decisions on your price.
What this means for sellers
In Williamsburg and Greenpoint, sellers can take advantage of the demand-supply imbalance. Scarce housing options allows them to position their properties effectively to attract motivated buyers. The recent increase in new for-sale listings and in-contract homes suggests that sellers are becoming more confident, despite the challenges posed by raised mortgage rates.
Moreover, the New York housing market remains strong, with home prices climbing even amidst economic uncertainties. For sellers, this means that strategically pricing and marketing their properties can lead to successful transactions, even in a competitive market.
Moreover, the New York housing market remains strong, with home prices climbing even amidst economic uncertainties. For sellers, this means that strategically pricing and marketing their properties can lead to successful transactions, even in a competitive market.
To get ahead in NYC property, you need to adapt
For sellers in Williamsburg and Greenpoint, the secret is to stay informed and adapt to the ever-changing landscape of the New York housing market this year. With the right approach, you can make the most of these dynamic neighborhoods and achieve your real estate goals.
Whether you’re looking to sell or simply stay updated, The Gene Team is here to provide the insights and expertise you need to succeed. Let’s push through this economic uncertainty and make waves with your property. It may have previously been a buyer’s market, but with our help, let’s change it together.
Whether you’re looking to sell or simply stay updated, The Gene Team is here to provide the insights and expertise you need to succeed. Let’s push through this economic uncertainty and make waves with your property. It may have previously been a buyer’s market, but with our help, let’s change it together.
