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Last updated: January 3, 2022 • Real Estate Market

New York Real Estate

A most frequently encountered commonplace is that New York became one of the greatest metropolises globally due to its impressive dimensions and overall magnitude. Still, everyone fantasizes about roaming its streets, losing track of time, and, perhaps, living in a Manhattan condo close to Times Square. 

Let’s meet a worldwide myth!

Indeed, New York turned into a legend, yet reality confirms its glory one hundred percent: come and behold the Empire State! New York is the 4th most populous state in America, after California, Texas, and Florida, according to the 2021 census, being at the same time one of the most populous metropolises from all over the globe.

Moreover, New York has distinguished itself from other great cities in terms of commercial, financial, and educational results. To add, New York has always assumed the leading role of championing social awareness movements.

The New York housing market is a house hunter’s paradise

new york september stunning

Arguably, no city on the planet has more amazing places to visit than New York’. If you are intrigued by moving to New York, and you are looking for an affordable rental or apartment to purchase, don’t hesitate! Get in touch with the top realtors in New York City NY now!

The exquisite metropolis is considered to be one of those big cities which blazes the path for newcomers. But looking at home involves more than finding one appealing to your eye. The first and the most difficult problem clients are facing when they decide to appeal to New York real estate agents, and to establish and live in the Big Apple, is where and from where they can buy a perfect home.

Nowadays, most of the young population consider living in a rented apartment/house, but for those who have a big family, the perfect solution would be not to rent a place, but to buy a large property. It’s up to the buyers themselves where they choose to purchase a house, but it’s good to know that the New York Real Estate market offers chances to live in suburbs and New York cities, disposing of the needed and indispensable institutions that make a nearly perfect and balanced living. (Schools, Hospitals, Universities, District Information)

New York Real Estate will always come with sales packages useful for both new clients and for metropolitan residents – willing to change or to improve their living environment. Every year hundreds of houses, apartments, condos, duplex properties, and lofts are built in New York, waiting quietly for its owners, providing them the perfect solution for their problems.

When Covid arrived in New York City

woman waling on the street wearing mask

The 2020 pandemic affected the real estate market in the Big Apple quite severely. The ensuing lockdown led New York residents to consider moving away from the most populous neighborhoods, facing spatial restrictions and pretty high taxes. Soon, locals realized suburbs and small towns are more attractive destinations to relocate to. Former residents of New York mostly favored Hampton, which is around 100 miles away from NY.

As a result of the Covid pandemic, more than 110,000 locals left New York from February to July 2020. As a result, the 2020 real estate market was pretty inactive. In Brooklyn, Queens, and Manhattan, sellers sold only about half of the homes compared to 2019. 

The NYC housing market is presently a buyer’s market, meaning more active homes are listed than purchasers. The inventory of houses available dominates the demand working in favor of home buyers. Consequently, they hold leverage in price bargaining. Besides, they will find apartments easier.

According to Redfin: “the median sales price in NYC in July was $810K, up +15.7% since last year”. We can deduce the following facts once we scrutinize the sales numbers reported between January – June 2021, . At midyear 2021, the average period a house stayed on the real estate market was 92 days. The average price per square foot is approximately $720, 38% higher than last year’s data. Sellers can now sell their private property 1,4% lower than the original price, a fact which again underlines that currently, New York is a buyer’s housing market. In addition, the median list price of homes was $840,000 showing a decreasing tendency of 2.1% year after year, while the median sale price was $750,000.

Did you know that Tribeca is the most expensive district in NY? The median listing price is around $4 million. And Riverdale just became the most inexpensive neighborhood with a listing price of about $400,000.

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A most promising prospect for the third quarter of 2021

new york city people on the street

Job losses hit New York hard during the pandemic in 2020. The following year, however, saw promising signs of recovery with a decently thriving real estate market. The summer months have seen a continuous flow of transactions due to limited home supply and increased demand. Due to high vacancies, the price of rentals fell; by mid-2021, this trend seemingly came to a halt in New York City. Lease contracts grew gradually. Demand for apartments to rent also increased; thus, rental prices will most assuredly recover and grow.

People start to re-discover the Big Apple. The sales market is now foreseen as a booming one, for the first time in three years. Therefore, emphatic buyer demand has developed for residential properties. 

Statistics prove that Brooklyn reclaimed its position as a strong & desired market for house hunters. Based on the number of new leases, we can confirm there hasn’t been such a thriving market there in over 13 years. Queens also produced similar statistics.

The five best neighborhoods in New York

new york city view from the window

Everyone is curious about living in the Big Apple, pandemic or no pandemic. Although the city is now financially recovering, it never stopped being a dream destination for tourists and house-hunters. Let’s have a look now which New York neighborhoods are considered the trendiest and most desired:

Lower East Side

Having one of the lowest crime rates, the Lower East Side is one of the safest neighborhoods in New York. Often referred to as Loisaida, the district has been recognized as a working-class immigrant neighborhood. It turned into a flourishing community in the mid-2000s. The National Trust for Historic Preservation included LES on the list of America’s Most Endangered Places to preserve its cultural and architectural landmarks. 

Over the years, Loisaida also became an important center for a vivid artistic life for up-and-coming artists. Furthermore, the neighborhood attracts many tourists through its colorful nightlife and live music performances. Come and explore this family-friendly neighborhood that offers plenty of outdoor recreational activities and exceptional schooling opportunities!

Upper West Side

photo buildings usa

If life in the busiest New York districts bothers you to a certain extent, we recommend you look into the Upper West Side! UWS functions at a slower and more chilled pace within Manhattan. People living here usually work in Midtown and Lower Manhattan. Still, don’t make any mistake; UWS hosts cultural and intellectual hubs with Columbia University, the Barnard College, and Lincoln Center for Arts. 

Like the Lower East Side, the Upper West Side targeted mostly families with children-friendly facilities, parks (see Central Park), community centers, and exceptional schools. Generally, the district’s residential area creates the impression of a suburb within the city. 

Are you interested in some high-end and historical buildings? Penthouses along Central Park West host some of the wealthiest residents in New York City. At the same time, the Dakota at 72nd Street offered shelter to some major Hollywood celebrities, such as Laren Bacall. In addition, the Riverside-Drive and West End Avenue present prestigious pew-war buildings in all their splendor.

East Village

new york lower east side

We are looking at a vibrant area with downtown life that requires a confident, daring & adventuresome attitude on the travelers’ behalf. The East Village features a wide range of excellent restaurants. At first sight, unnoticeable shops will deliver some of the city’s most fabulous food finds. Side streets are lined with jewelry and vintage boutiques, many of which are owned by locals. East Village showcases some of Manhattan’s most astonishing large parks, namely Tompkins Square Park, community gardens, marble cemeteries, etc.

In the late 1960s, talented artists, musicians, and a new generation of free-thinkers and hippies moved to East Village, thus giving a unique identity to this district. Starting from the 2000s the process of gentrification took place. Wealthier residents relocated to the area, who improved upon the real estate market and brought in new enterprises.

Nonetheless, East Village’s vigorous originality didn’t vanish. It retained its role as a vital counterculture center hosting artistic movements, such as punk rock, Yiddish theaters staging Off-Broadway performances, to name the most notable ones. 

Greenwich Village

washington square park

The Village gained an outstanding reputation for hosting the most bohemian artistic societies (see the Beatniks) in the United States in the previous century. Virtually anywhere you walk in Greenwich Village, you will eventually bump into a group of artists, civil rights movement, or LGBTQ representatives nowadays. 

No different is Washington Square Park. In nice weather, the Park is the ultimate trendiest destination offering some of the most incredible outdoor activities to do in Greenwich Village. If you’re lucky, you could even catch a free jazz concert by one of the Village’s numerous jazz musicians.

As you must have guessed by now, the Village is a neighborhood, which breathes romance and glamour. For this reason, we primarily recommend it for art, literature, and music lovers with its countless cultural venues and events. Theatre enthusiasts are welcome to attend Off-Broadway and Off-Off-Broadway performances, where artistic merits come first!

Manhattanville

new york usa may

Manhattanville faces promising prospects in the future and has constantly been exposed to new economically and culturally beneficial impacts. One notable example is how Columbia University developed major expansion plans in the neighborhood. Consequently, it set up a vast 6.8 million square feet area for education, research facilities, underground parking, and support services. It includes new civic, cultural, recreational, and commercial facilities, as well as a permanent location for the recently launched Columbia-assisted public secondary school for math, science, and engineering.

Therefore, Manhattanville, often referred to as West Harlem, is a dynamically growing district that successfully mixed Harlem’s urban rhythm with the creative and scholarly influences originating from the nearby Columbus University and City College of New York. Manhattanville stands out with many jazz clubs, the famous Apollo Theater, and remarkable schooling opportunities.

The apple is ripe again

New York is the city that doesn’t sleep. No matter what the future holds for the Empire City of the New World, people just love it. Throughout its long history, the city proved that it could come back after any gut-wrenching blow. New York found a stable footing for a bright future in a slowly but surely recovering real estate market, rising job demand, and world-class education! 

If you found this article helpful, please like it and share it with your friends on your social media! And, as always, come back for more reliable articles for the real estate market in great American cities!

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