New York City’s luxury market was less frenzied last year than it was in 2021, but it still outpaced all other luxury markets in the United States—and ranked third worldwide, following only Monaco and Hong Kong, according to Douglas Elliman’s annual wealth report. As we covered recently when citing that Miami’s agent pool finally started to shrink, the booming market of recent years attracted new agents like a moth to a flame.

Despite the increased competition, we’re proud to announce that our team at ESPINAL | ADLER ranked 35th on The Real Deal’s list of top new development brokers in residential real estate! Buying a home, whether it’s your first or fifth, is an extremely personal experience and we’re grateful that you have trusted us with your visions and investments. It’s a privilege to share our expertise to help you find the best property for your individual situation through education and personalized service.

This recap of March’s real estate activity is just one more lesson we’re happy to share. In Manhattan, the number of newly signed contracts rose month over month for the second time. New listings increased for the third time. The Lower East Side and Hell’s Kitchen are among the city’s best buyer’s markets, according to the listings site StreetEasy, which attributes this to a combination of high mortgage rates curbing demand and wealthy buyers shifting their attention to brownstones in Brooklyn.

While Brooklyn has long been thought of as a more affordable alternative to Manhattan when it comes to New York City living, home-buying activity has been higher in the borough over the past four months than it was pre-pandemic. In March, the number of newly signed contracts increased for the second month. New listings expanded for the second time in three months. Demand has grown so strong that StreetEasy is not the only industry source to claim that Brooklyn is pulling buyers from Manhattan.

In Westchester, newly signed contracts rose for the second consecutive month while new listings increased for the third time. Under the guidance of a master planner, the county is beginning to realize the fruits of its thoughtful growth plan in the form of a dramatic rise in multifamily housing. Between 2014 and 2022, annual multifamily building permit filings grew six-fold, leaping from 500 to more than 3,000 by the end of last year. The strategy may become a blueprint for other New York municipalities as the need for housing continues to grow.

In Miami, the number of newly signed contracts rose month over month for the second time in tandem with a second month over month increase in new listings. Week over week throughout March, the total sales volume and average price of condos climbed, closing the month at $129 million and $853,000 respectively. While in general the real estate market is leveling out, this increase in activity could be in part the result of renters transitioning to buyers: The rental market in Miami recently ranked as the nation’s second most competitive, with an average of 20 tenants competing for each available unit and 97.1 percent occupancy.