New York City (NYC) is hailed as the Big Apple. It is home to business tycoons, dreamers, and artists. Being the most expensive and competitive market in the nation, the real estate condition of NYC is projected to grow this 2021. Let's take a closer look at its current housing market and trends.
Quick Facts
- NYC has an estimated population of over 8.5 million people.
- New York City spans 5 boroughs and 200 plus neighborhoods.
- The cost of living is 187.2, way higher than the national average of 100.
- The median house pricing is $755K to $765K.
- The average sale price per square foot is $622 to $649.
- An average home goes pending for 98 days in the market - receiving 3 offers.
- New York City is currently a buyer's market.
New York City in a Nutshell
Most people say that NYC is not an easy city although it's thrilling. While it is dubbed the city of extremes, many people still love its busy and fun setting. The average weather in NYC varies from 28F to 85F. It is rarely below 14F or above 92F. In addition, summers are usually warm and humid, while the winters are frigid and windy.
Economy
Speaking about their market, New York City is very competitive. The most in-demand industries are media, finance, real estate, and tech. Job opportunities are relatively office related and lean towards a more corporate side of things. On the other hand, there are plenty of opportunities - although more difficult - for aspiring artists of all kinds.
Furthermore, the area is very walkable and also offers excellent and convenient transits. The subway, cabs, and biking are all easy ways to get around the Big Apple.
Public Schools
There is no need to worry about public schools! There are plenty in New York City! Read below some of the best public schools in NYC:
- P.S. 115 Glen Oaks (Preschool to 5)
- PS 184 Shuang Wen (Preschool to 8)
- Bergen Academies (9 to 12)
- Manhasset Secondary School (9 to 12)
- Baruch College
- The City College of New York
Moreover, New York City spans 5 boroughs - Manhattan, Brooklyn, Queens, the Bronx, and Staten Island.
Real Estate Condition in New York City
(Data updated last: May 26, 2021)
In the first quarter of 2021, the New York City real estate inventory was down 38.2% to 2.9 months. Then, the days in the market - of a house - decreased by 17.3% to 67 days. It is way shorter than the previous data of 98 days on average.
Moreover, the rental markets in NYC - particularly in Manhattan, Brooklyn, and Queens became inactive in 2020. In fact, there were only about 10,751 homes that went into contract.
Hence, home prices are continually declining due to a large amount of house supply. As a result, buyers should take advantage of the price declines while the inventory levels are still high.
New York City Real Estate in 2021
Many experts predict that 2021 is going to be a good recovery year. More and more businesses have been opening up in various ways, which is a good sign for the real estate market.
Good news for most realtors and home-buyers, the New York City housing trends and market are expected to be robust! Especially at the peak of the home-buying season.
Home Renting Trends in NYC
Data has shown that the housing demand in New York City is mostly in rentals. April 2021 marked the first time rents were no longer at the bottom of the market. Take a look at the rental trends in New York City:
In Manhattan, Rents are Rising
The median asking rent in Manhattan increased by $14 in March from $2,799 in April. However, it is still considered down from the April 2019 median of $3,400. As of April 2021, there were 28,185 units available for rent.
No Change In Brooklyn
Brooklyn's median asking rent remained the same in March and April. There were around 18,992 available rental units, and the inventory is still 34% higher than in April 2019.
A Hint of Rising in Queens
There was a $50 increase in April 2021 - from $2,000 to $2,050. Hence, the number of available rental units in Queens stays close to record highs - around 7,448 units.
Final Thoughts
New York City is indeed a competitive place, especially for the real estate market. Above all, it is actively having - and preparing - for its rebound in the real estate industry. With all the gathered data, undoubtedly, New York City is a buyer's market.
While the cost of living in NYC is exceptionally high, there's still something that drives people to love the Big Apple.
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