Current market conditions have buyers, sellers, and renters wondering what the right move is in today’s NYC real estate landscape. The coronavirus (and upcoming elections) have impacted the number of properties hitting the market as well as the number of buyers attending open houses.
Historically low interest rates present a unique opportunity to buy or refinance, and motivated sellers are negotiating more than they have in previous months.
A look back at citywide market trends since 1974 shows high returns on investment, with some property values increasing up to 500% over a 9 year period. In the last 45 years, we have experienced three major market downturns: 1974–1980, 1989–1996, and the 2008 financial crisis.
Let’s look at how real estate fared for those who got into or stayed in the market throughout these periods:
While past performance cannot predict future outcomes, the market has consistently trended upward in the longer term and achieved high returns for those who buy, hold their investments, and sell once their property values have appreciated. Read on for the most recent market stats and contact any of our Triplemint real estate agents with questions about the right strategy for you.
The latest numbers show three months in a row of year over year increases in contracts signed and sold properties for Manhattan.
Demand in Brooklyn continued strong last month with sales up 37% year over year, even as median listed price and average price per square foot increased.
Prices and number of properties sold increased in Queens last month although fewer listings hit the market.
Sources:
[1] Furman Center: Trends in New York City Housing Price Appreciation: https://furmancenter.org/files/Trends_in_NYC_Housing_Price_Appreciation.pdf
[2] Curbed: NYC home prices nearly doubled in the 2010s. What do the 2020s hold? https://ny.curbed.com/2019/12/13/21009872/nyc-home-value-2010s-manhattan-apartments
Data courtesy of OLR Market Pulse and current as of 3/5/2020.
