Real estate in New York City is some of the most coveted in the world, making for a pretty consistently hot sellers market that can seem impervious to national real estate trends. In recent years the city has experienced its astronomical rental prices soar to record heights, especially in Manhattan and Brooklyn. The high end super luxury properties, on the other had, saw a slower growth in price than previous years. However, competition for Manhattan homes remains ever on the rise, making it forever the sellers market on an island with little space to expand. Here are some ideas of what to expect to happen to the New York City housing market in the near future.

Luxury Market is Cooling Slightly

While saying any housing market in New York City is cooling is speaking only in the most relative of terms, prices for luxury properties in Manhattan dipped two percent last year. It’s a great time to buy for people like developer Louis Ceruzzi, who focuses on high rise residential and retail projects. Supply for high luxury properties has risen slightly above the demand, producing a marginally cooler market. These properties are amongst some of the most expensive and extravagant in the country, and if luxury properties are in your wheelhouse, now is the time to buy.