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.”