The Market Report: June 2022

The Market Report: June 2022

  • The Pucker | Heinlein Team
  • 06/1/22

Keeping Focus

Overall, property inventory nudged up again this past month, with in contract figures remaining fairly consistent month over month. As we close out the spring market and move into summer, buyer competition has fluctuated sector to sector, with some property categories seeing strong demand and others now lagging. 


This past month we have continuously addressed buyer fatigue with clients, encouraging them to rally in in the face of frustrating contested bid situations, generally low inventory and rising interest rates. We are seeing buyers sideline themselves. Summer is here, and they’re stepping away from their searches. We are encouraging buyer clients to stick it out. Inventory is easing and other buyers are facing the same fatigue, opening possibilities for those who remain focused. Great properties are coming to market, offering focused buyers appealing opportunities. 


Rising interest rates have become a cause for alarm with many buyers. But there are mortgage product options that offer very favorable rates. Too often buyers lean so conservatively toward fixed rate products, when in reality their ownership time horizon is much shorter and more in line with a lower rate adjustable product. Rates are still historically extremely low, and they will remain so even with the increases. 


Many buyers are facing or will likely be facing rent increases as we reach the city’s highest lease renewal period of the year now through September. Many landlords have taken the opportunity to move rents up that were depressed during the pandemic. We anticipate many buyers renewing their leases despite the increases but gaining renewed focus on their purchases once they settle into the new normal with the increased rent. 


We expect inventory to continue its trend upward over the course of the next few months of early summer. There will be plenty of buyers who will take advantage of the market, and we suspect there will be plenty who will regret not moving while the opportunity is ripe. Now is a great time to stay focused before the fall back to school mentality kicks in with renewed conviction from other buyers


The Numbers

Manhattan Market Activity

Highlighting our market's past 30 days.


The Properties

Our month's featured listings on the market

205 Third Avenue, 18F

Upper West Side / Manhattan

2 Beds / 2 Baths



640 Ditmas Avenue, 11

Kensington / Brooklyn

1 Bed / 1 Bath



41 Eastern Parkway, 2A

Prospect Heights / Brooklyn

3 Beds / 2 Baths



519 West 23rd Street, R4

Chelsea / Manhattan

2 Beds / 2 Baths




The Pick

From the cool and eccentric to reserved and irreverent -

Our month’s pick of what's happening in New York City.

If you haven't already, you should:

Bryant Park Picnic Performances

Enjoy performances from the city's great arts institutions outdoors in the park.

Free and open to the public.

Now through September 17.

Work With Us

The Pucker | Heinlein Team consults and services individual buyers, sellers, real estate investors and developers across the city and offers partnerships throughout the country to service clients’ real estate needs.

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