New York Real Estate Data
Breaking News: New York residential real estate is expensive. OK, maybe this isn’t surprising to most people. Available statistics through October 31, 2016 for non-New York State real estate displays that the average price of New York State homes is over $273,500, with median listing prices over $325,000. Manhattan values for homes and condos are even higher.
With year-out forecasts from Zillow.com indicate that average New York state homes will increase in value to $283,000 by October 2017. This is exciting for home sellers, but not as good for home buyers. Like most major US cities, values for Manhattan residential properties are much higher, averaging over $1.6 million.
New York State and City Real Estate Market
Although it took some time for the US economy to rebound after the Great Recession of 2006-2008, the real estate market has now recovered strongly. Some analysts believe it’s recovered too well, and predict another real estate crash.
There are still some homes with “negative equity,” but a very small percentage (one-tenth of one percent). With average days on the market (through September 2016 at 142 days) under five months, sales are happening with regularity.
New York City average real estate prices (up around 10.3 percent; Manhattan even higher at over 11 percent) for all 5 boroughs and Long Island stands at over $610,000, while average prices in Manhattan are over $1.7 million. These values are projected to increase around another 5 percent in 2017. In October 2016, the median price of currently listed homes was $725,000, according to Zillow.
The forecasts for the New York real estate activity is rather strong for 2017. While some analysts critical of the heat of the market predict some level of crash in 2017, most other experts foresee continued growth, although not as dramatic as the last couple of years.
Predicting growth of prices in the 3 to 5 percent range, data collection sites like Zillow.com forecast a conservative level of New Your property value growth for 2017. Of course, predicting Manhattan and Long Island value growth at the 5 percent level translates to more dollars than the rest of the state, since their benchmark is quite a bit higher than most NYC suburbs and western areas.
Remember, during the height of the recent recession there were few buyers, little “for sale” inventory, and formerly active mortgage lenders simply weren’t lending to all but “ideal” buyers. Still, predicted Federal Reserve interest rate increases have yet to become reality, an indication that the borrowing market is not quite as “hot” as it appears.
Although runaway inflation has not yet reared its rather ugly head yet, the possibility of it happening still exists. You can assume the Fed will react quickly to raise interest rates if the statistics indicate inflation is rising.
The statewide New York real estate market has rebounded well, the local Manhattan market has gone from “cold” to “warm,” if not close to “hot.” We can only hope the New York property market doesn’t overheat like it did in 2006. The demand for residential real estate has been strong, possibly because of the “pent up demand” that grew during the recent recession.
We do not guarantee the timeliness, accuracy, or completeness of the information on our site. The information in our email newsletters and on our website is believed to be accurate and correct, but has not been independently verified and is not guaranteed to be correct. The information is collected from public sources, but is not researched or verified in any way whatsoever to ensure the information is correct. Furthermore, Tidy often employs independent contractor writers who may make errors when researching information and preparing the material. “Any wording found in this e-mail or disclaimer referencing to “I” or “we” or “our” or “Tidy Stucco” “Tidy” refers to Tidy Contracting Inc. By reading our newsletter and our website you agree to the terms of our disclaimer, which are subject to change at any time. By using our service you agree not to hold our site, its editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our newsletters or on our website. Tidy Contracting inc does not guarantee the timeliness, accuracy, or completeness of the information on our site or in our newsletters. The information in our email newsletters and on our website is believed to be accurate and correct, but has not been independently verified and is not guaranteed to be correct. You should assume all information in all of our communications or website is incorrect until you personally verify the information, and again are encouraged to never make any decisions solely based on the information contained in our written communications or website. This post was written by William Pirraglia, The views and opinions of the author do not reflect those of Tidy.