Real Estate Trends in NYC
Now let’s talk about New York City which has been the epicenter of the pandemic. The fallout from the pandemic has led to people moving to suburbs, bidding up home prices in those places. On the other hand, those sticking around in the city have often been able to find a better home for less. Manhattan home prices have dipped, while Brooklyn is defying gloomy economic conditions with a competitive scene that continues to push real estate prices higher.
The NYC real estate market is currently a buyer’s market which means there are roughly more active homes for sale than there are buyers. The supply for housing is outpacing the demand favoring home buyers who are managing to hold good leverage in price negotiations.
- Data by Redfin.com shows that the average sale price of a home was $635K last month, up 5.0% since last year.
- The average sale price per square foot in New York is $391, up 2.4% since last year.
- Homes for sale in New York have a median listing price of $889K.
- On average, homes sell for about 3 percent below their asking price.
- Realtor.com’s latest data also shows that NYC is a buyer’s real estate market.
- In December 2020, the median list price of homes in New York, NY was $835K, trending up 22.8% year-over-year.
- The median sale price was $690K.
- Homes sold 2.57% below the asking price on average in December.
- The sale-to-List Price Ratio was 97.43%.
- Ideally, a buyer would prefer a sale to list price ratio that’s closer to 90% whereas a seller would always prefer scenarios that can yield a ratio of 100% or higher.
- On average, homes in New York City sell after 151 days on the market.
- The trend for median days on market in New York, NY has gone up since last month, and slightly up since last year.
People are leaving big, densely populated areas like New York City and spreading out to suburbs or smaller communities with lower infection rates and/or to save money. Over the past several months, there’s an influx of renters in the Hamptons coming from New York City. Hampton is roughly 100 miles from New York City and Brooklyn — the top two cities that experienced the highest amount of net losses.
New York City experienced the highest losses — more than 110,000 residents left the city from February to July of this year. That’s 487% growth (or nearly five times) when compared with the number of outgoing movers that left Manhattan in 2019. Brooklyn ranked sixth last year, but numbers quadrupled in 2020, pushing it to second place. What could be causing the large migrations during the key months of the pandemic? Consider these factors:
The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn, and Queens sales and rental markets. According to them, homeowners welcome a hot seller’s market, while renters struggle to post their next payment. The home-buying activity has risen to levels unseen since the spring of 2019. Pending home sales continue to be a bright spot in New York City’s economic recovery.
Manhattan, Queens, and Brooklyn all are seeing year-over-year increases in pending sales. In 2020, an annual record high of 74% of homes sold below their original asking price.
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