NYC real estate is changing all the time. Sometimes it is better for buyers, sometimes for sellers. What are real estate trends in New York City now in 2019? What do people want to buy and for what price? Yes, Big Apple is known for expensive properties and high costs of living, but it is the cost of living in the most famous city in the world.
There are many different things to know before renting your home or things to know if you want to buy/rent a new home. It is stressful and not cheap, so each step should be planned in advance. The real estate market depends on many different factors. The neighborhood is one of the factors because the real estate market is not the same in Queens and Manhattan.
Market trends indicate a decrease of $30,000 ( that is about -2 percent) in median home sales over 2017 and 2018, which is good for buyers, but not that good for home sellers. For example, the average price per square foot, for the same place was $1,480 and now is $1,453.
Terms in real estate language
If you want to move to NYC and to buy or rent a property, then you should be fully informed. Knowing all the right terms is helpful to understand better the situation.
- Highest sale price is the highest price for all closed transactions
- Median sale price is the average price
- Price change means the change in percentage in the last year
- Average days on market is a number of days when the property was listed till the day of selling
- Median asking rent is the average monthly price for rent
- The rental count is the number of properties that are listed for rent
- Listing discount is a difference between the asking price and sale price
Real estate trends in New York City in 2019
House hunting in NYC is harsh and when you find a dream home, you must immediately take it. If you are coming to live here, or you are moving out, it can be stressful in both situations. What is popular now and what people want- an apartment or home? Trends are always different, but right now, the situation is this.
- Notable – when talking about real estate trends in New York City right now, esthetic and design are important.
- Water views – people want a great view. In most cases in it a view of water and nature from their apartment.
- Plants and nature – NYC is a little jungle of concrete. Having nature in the apartment and in front of a building or house is a big advantage.
- Queens become more popular – Manhattan and Brooklyn are not the only counties in New York. Queens has a lot to offer, and people want to move there now.
Millennials are on the market now
Yes, it is a time of millennials and they are buying properties. Now there are more than 73 million millennials, so pay attention to them. If you are selling or renting a property, make sure to use the internet to attract buyers/renters. If it is not online, it does not exist. Young professionals want to buy their first homes, and a city such as Big Apple is the perfect place for them.
Cities around NYC are popular too
Secondary cities are growing too. Places near NYC will be popular too in the future because of the prices and costs of living. Not only individuals want to move there, but also big companies choose a location near the big, primary cities. Keep in mind that real estate trends in New York City will be different in the future and that cities are growing and expanding all the time.
The most affordable places in NYC
If you want to relocate to NYC, but the biggest concern is home price, there are affordable choices. First of all, make your moving cheap buy hiring an affordable moving company such as dumbomoving.com. Get the best service and save money at the same time. After that, settle in your new home in NYC. Some of the affordable neighborhoods are.
- If you want to live in Manhattan, one of the most affordable neighborhoods is Roosevelt Island and Washington Heights. $800 per square foot is very affordable for NYC. These cheap prices will not last long, so hurry up.
- Brooklyn also has amazing places where you can live affordably. Neighborhoods such as Windsor Terrace, Bay Ridge, and Clinton Hill are cheaper than the rest of the city. You will be close to downtown and at the same time, low costs of living.
- Queens is more and more popular nowadays, not only because of the rent price. Cheaper places are Forest Hills, Flushing, and Woodhaven. Visit them before you choose your new home, maybe you will find your perfect place there.
- The Bronx has a lot to offer to residents. Some of the affordable places are Concourse and Bedford Park. Do not judge before you see this place.
Summary
Now when you know all the real estate trends in New York City in this period, you can rent, buy or sell a property. It is constantly changing so you need to be informed all the time, especially if you are a real estate agent in NYC.