Here is the current real estate market situation in NYC.

This summer might be the last opportunity for New Yorkers to take advantage of depressed Manhattan real estate prices as the pandemic fades.

Data gathered by New York brokerage Douglas Elliman shows that while Manhattan prices are defrosting, they are still better than pre-pandemic pricing.

While buyers in the less costly boroughs paid 10% to 20% more than they would have pre-pandemic, renters in Brooklyn and Queens continued to receive savings relative to pre-pandemic.

“Compared to other major metro areas, Manhattan started off slowly, but deal activity picked up speed in the middle of the winter and peaked in the early spring. The highest level of activity was record-breaking, however, like in other metro markets, according to John Walkup, co-founder and COO of NYC-based real estate analytics firm UrbanDigs.

Renters might still benefit from offers.

Rental prices in New York City may no longer be as cheap as they were a few months ago.

According to George Case of Warburg Realty, “It was inevitable that people would return to the city, and it is inevitable that, as people return, inventory will shrink and prices will go up.”

Although it has decreased in some regions from the abundance of inventory on the market in June 2019, the rental inventory in Manhattan, Brooklyn, and Queens is currently above the five- and ten-year averages.

However, the market is still below where it was before the epidemic, making it possible for renters relocating back to NYC or going to the Big Apple for the first time to find great offers.