The streets of New York City have been filled with a renewed energy in recent weeks. As more and more New Yorkers get vaccinated, restrictions are being loosened, businesses are reopening, and there is a distinct sense of things returning to “normal” soon. For a city that was hit hard by the pandemic, both in terms of COVID-19 itself as well as economically, this recent shift is a long-awaited one.
The city’s real estate market was one of its hard-hit sectors, with reports that an unprecedented number of New Yorkers were fleeing the city in search of more space and less densely populated areas. However, in recent months, reports have shown that many New Yorkers are returning, with one study of post office data predicting that by mid-2021, more people would be moving into the city than would be leaving. The real estate market has followed suit, with the first quarter of 2021 showing the