The real estate market in New York City is currently experiencing some interesting trends.
The real estate market in New York City is currently experiencing some interesting trends. As of mid-2024, the median home sale price in NYC is around $1.1 million1. The market has seen a notable increase in activity, with a 12.5% rise in home sales compared to last year1.
Here are some key points:
Mid-Priced Homes: Homes priced between $750,000 and $1.7 million are selling faster, spending an average of 61 days on the market1.
Condo Market: For the first time since 2019, new condo listings are outpacing co-ops1. Condo prices in Brooklyn have risen by 9.7%, averaging nearly $1.1 million1.
Interest Rates: With the Federal Reserve expected to cut interest rates, mortgage rates are gradually decreasing, making home affordability slightly better for buyers1.
Overall, the NYC housing market remains competitive, with a mix of opportunities for both buyers and sellers.
Are you considering investing in NYC real estate, or just curious about the market trends?