2023 NYC Real Estate Forecast: Buyers Make a Move, Sellers Return, Renters Get Some Breathing Room

New York City’s real estate market slowed dramatically in 2022 after booming in the second half of 2021, but that didn’t mean buyers or renters caught much of a break last year. Prices and rents remained frozen near record highs despite a plunge in demand.

Whether the U.S. slips into a recession is still a major question mark for 2023. But thanks to a steady stream of newcomers and unrelenting demand for real estate, NYC usually rebounds faster from a decline and brokers expect the same to happen in the coming year. As Kobi Lahav, senior managing director and director of sales of Living NY, tells Brick, “I don’t think a recession will affect New York the way it will the rest of the country.”