Do NYC Real Estate Prices Go Down in the Winter?

Does New York City real estate pricing go down in the winter? Many buyers think that they’ll find a better deal during the winter months. Is this true?

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Many buyers contact us and essentially insinuate that by way of waiting until the winter, they might be able to snag a better deal on a property. In other words they think that pricing might actually fall during the colder winter months of the year.

Now, this statement isn't necessarily true but there are reasons why it might be appealing to not discontinue your search during the winter months but let's take a step back and directly address whether or not prices fall in the winter in New York City. Now, the answer is that by and large pricing does not simply just drop as we go into the winter in New York City. Whatever pre-existing pricing trends were in place prior to the winter in the summer and of course in the fall, will continue into the winter. So, if pricing was going up slowly and in that positive direction it will continue to do so over the winter.

Now, the trend of the pricing increase might not necessarily accelerate over the winter but nor is it going to fall through the floor. What really happens during the winter is that the total volume of transactions declines rather meaningfully. So, as a result of that, you have fewer people who are searching. They think there's not as much inventory, so the number of buyers looking for properties goes down similarly the number of sellers who are thinking about listing goes down as well. They think you know maybe there's not as many buyers, ‘it's cold miserable. I'm in Florida enjoying the sun. I'm not going to list my property right now.”

So, in the aggregate that reduction in demand and reduction in supply kind of nets out and therefore the pricing trends which were in place before the winter usually continue but that being said you may be able to snag a good deal on a property that was potentially mispriced when it was listed during the summer and fall months. You know if a property was egregiously mispriced it means that they really would experience subdued interest and lower levels of buyer traffic than they otherwise would have. So, if you catch that right seller that for that right property right around the winter when potentially demand tapers off even more, you might actually have more leverage if you choose to come forward with an offer.

So, if you are interested in buying and you're generally ready to begin your search, it doesn't really make sense to like basically wait until spring. You should definitely keep an eye out for things that might be on the market over the winter. You get the occasional new listing not too many of them, of course, but go ahead and sift through properties that have been sitting on the market particularly ones that might be above your budget because at the end of the day, if it's been sitting, it's inevitable in most cases that there will be a price cut.

So, if you can come in and submit an offer before the price cut it does give you an advantage compared to waiting until the price is reduced at which point a ton of new buyers consider the listing and then maybe, at that time the seller gets more than just your offer. So definitely keep your eyes and ears open during the winter. Don't assume that the market shuts down but nor should you assume that pricing will simply just fall through the floor just because we're in the winter months in New York City.
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