"You have a lot of people who are working remote, but want to be in Manhattan," he said."They're attracted to the cultural offerings, the restaurants, Broadway. Remote work doesn't just mean the suburbs. There could be as many people working remotely on the Upper East Side of Manhattan as there are in Westchester."
Another reason for Manhattan's strength at the start of 2022 was supply. While the rest of the country grapples with a shortage of homes for sale, Manhattan still has ample inventory, even though it is declining. Almost 5,000 listings hit the market in the quarter, the most of any first quarter on record, according to Corcoran. Yet for the first time in five years, inventory dipped under 6,000 units.
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