Those who stay in the city, on the other hand, are often able to find a better home for less.
As a result of the pandemic's aftermath, people have moved to the suburbs, driving up home prices in those areas. Let us now look at the most recent trends in the New York City real estate market. NYC Real Estate Market Trends in August 2022 That’s the highest it’s been since October 2021 when there were 30,977 rentals available, according to data by StreetEasy. Citywide, there were 28,325 rentals listed on StreetEasy in May. So while supply is increasing, it has not increased fast enough to meet demand, and prices have continued to rise.
In May, the citywide median asking rent hit a record high of $3,349, a 34% increase from the near record lows seen last year during the height of the pandemic. Because of this, we can observe a split in the housing market in which demand for homes in higher price brackets continues to be robust while demand for homes in lower price brackets begins to weaken. There is still a significant amount of activity in the market from purchasers who are willing to pay cash or have enormous budgets and pay little to no attention to rising interest rates. However, New York City is extremely unique in that rising rates do not necessarily slow down the demand for housing there. The housing market may be making a turn toward normalcy across the country as a result of rising interest rates and an increase in the number of sellers who are listing their homes for sale. The current market dynamics point to a competitive advantage for New York City sellers right now. Inventory shortages and strong buyer demand continued to drive up home prices, with multiple offers on a limited number of homes being a common occurrence in the majority of market segments. It has been recovering from the economic effects of the pandemic. New York has also been one of the hardest hit by the COVID-19 pandemic, with the highest job losses among the country's major metropolitan areas. Months Supply of Inventory was down 6.1 percent to 3.1 months.Days on Market decreased 14.5 percent to 53 days.Sellers received, on average, 102.9% percent of their original list price at sale, a year-over-year improvement of 2.1 percent.The average sales price was up 15.1 percent to $554,413.Prices gazed upward as the Median Sales Price was up 13.5 percent to $415,000.Inventory shrunk 14.3 percent to 38,965 units.Closed Sales decreased 7.1 percent to 33,209.They are considered a forward-looking indicator of home sales based on contract signings.Pending Sales in New York State were down 5.8 percent to 41,217.A higher number means greater affordability. The Housing Affordability Index in New York dropped by 31.3% to 90. Many buyers looking to purchase a home have lost eligibility for a mortgage or are unable to purchase a home in the present economic situation, resulting in a precipitous decline in buyer interest. The New York resale housing market (statewide data) slowed down in the second quarter of 2022 as increasing inflation, soaring sales prices, and soaring mortgage interest rates finally caught up with market players. NYC Real Estate Market: Are Home Prices Dropping? An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. The housing affordability index decreased by 31.5% to 87 as compared to June of last year when it was 127. In year-over-year comparisons, the median sales price has climbed for the past 26 months in a row. This is a 13.1% increase over the June 2021 price of $379,000. In June, the median sales price in New York increased to $428,825. New listings also decreased to 20,138 houses, marking a 6.4% down from June 2021's total of 21,516 listings. In June 2022, there were 14,326 pending home sales, down from 15,326 in June 2021. Closed sales decreased 8.6 percent, from 13,693 in June 2021 to 12,520. A six- to six-and-a-half-month supply is considered a balanced market. The month's supply of inventories decreased by 6.1 percent, from 3.3 months to 3.1 months, according to the New York State Association of REALTORS®. In June 2022, the number of available homes in New York plummeted by 14.3 percent, from 45,441 in 2021 to just 38,966 last month. A prolonged scarcity of properties on the market across the Empire State, along with high prices and growing mortgage rates, continues to impede the New York housing market in 2022. Here are the latest trends in the NYC real estate market as well as the statewide market.
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