Wednesday, 01 April 2020

State of the Residential Real Estate Market: New York City

Written by Posted On Tuesday, 24 September 2019 09:37
New York City at night New York City at night

The New York City residential real estate market witnessed many changes in 2018. First and foremost, it transitioned from a seller’s market to one primarily geared toward buyers. What will the rest of 2019 hold? Our experts weigh in below:

The buyer’s market isn’t going anywhere anytime soon. While more homes were listed for sale on StreetEasy in 2018 than ever before, fewer sales were recorded. The market is saturated, and this trend will continue. Prices are dropping as a result, albeit slowly, and experts don’t expect this to be of much help in boosting sales.

Numerous megaprojects are in the works and will impact the housing market in New York City. Hudson Yards is a good example of the changes that we have seen so far in 2019. Residential tenants are starting to move into their new accommodations, and office tenants are already occupying their space within this project. Essex Crossing also has apartments in its overall plan, and these residences opened to individuals in January 2019.

Read the entire report here

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