2023 was a dud for New York City real estate—‘even for rich people.’ 2024 isn’t shaping up to be much better, Coldwell Banker says

Expensive New York City homes sat on the market for months in 2023—and next year isn't shaping up to be much better. (Credit: Getty Images)

New York City’s housing market went dark in 2023 as sales slumped largely due to the highest mortgage rates in two decades, creating challenges for buyers and sellers alike, according to a new report.

Mortgage rates that peaked at 8% in October, the war in Ukraine, and Hamas’ attack on Israel increased volatility in the Big Apple’s real estate, according to the report released Wednesday from Coldwell Banker Warburg, the luxury real estate office of Coldwell Banker.