I have a lease that ends at the end of April. I started to look for new apartments in the beginning of March with my new roommate. We had a location and a budget in mind. We were revved up and ready to go, excited for our future. However, because of the pandemic, this was all put on pause.
Although I’m only looking to lease an apartment for twelve months, many other New Yorkers had plans on buying and selling new homes. Current homeowners looking to sell are finding it very challenging to find buyers during these uncertain times.
According to a StreetEasy report, new home sale listings have dropped a staggering 72% within the two-week stretch from March 16 to March 27. On the leasing side, listings fell 54% during the same stretch.
"These inventory levels are more typical of the period around Thanksgiving and Christmas than late March," StreetEasy analyst Nancy Wu wrote. "But in times of lower demand, sellers and landlords often take properties off the market and wait." Although fewer people are buying at this time, asking prices have remained relatively the same. The housing market was beginning to strengthen before the pandemic hit, and sellers are hoping we will get back to that state of affairs in the near future.
Read the full study on StreetEasy here: https://streeteasy.com/blog/covid-19-nyc-housing-market/
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