The number of homes hired in Manhattan fell by a whopping 39% year-on-year, according to a recent report by brokerage firm Serhant. The full recovery of New York City's real estate market and the economy as a whole depends on potential future closures in New York City, as well as on the speed and efficiency of vaccine distribution, which can help businesses reopen at full capacity with no restrictions at all. See the latest market trends and historic home sales prices in Brooklyn, Queens, Bronx and Staten Island. The recent increase in home prices should encourage more sellers to place their properties on the market, making it easier and more likely for buyers to find their ideal home.
Of the 50 U.S. counties most likely to experience price drops, nine are in or near New York City, according to real estate data firm Attom. As the market cools, it could return to a situation that resembles pre-pandemic normality, with homes that take a few months to sell and prices that gradually increase. Among metropolitan areas, the New York City subway remains the country's largest real estate market by value, but with a shrinking margin.
Not surprisingly, real estate agents, who earn their income from selling homes, are optimistic about buying now, arguing that, for the first time in a long time, buyers could get a deal. While it's not as famous or as hot as New York, it offers an affordable entry point and an enormous number of perpetual renters. Buffalo real estate investment offers a surprisingly good deal with low prices and relatively high rental rates. The Syracuse real estate market offers cheaper properties with a higher return on investment and a less hostile legal climate.
The total number of homes in Manhattan and the prices for those sales were high during the second quarter, but those closures reflect contracts signed last winter and early this spring. On Long Island, excluding North Fork and the Hamptons, contracts signed for single-family homes in June fell 21 percent to 2,111 from a year ago, and fell at all prices. Your home may stay on the market for a few weeks and, if it's priced well, it will sell for around the sale price, which will be more than you would have earned a year ago. To learn more about the state of the housing market and to see prices by neighborhood, see the full StreetEasy report here.
StreetEasy reports that the city's housing market is starting to cool down after a year of aggressive price increases caused by the reappearance of residents to New York when the city reopened its doors after the closure of the pandemic.