New York City is amongst one of the most competitive and expensive housing markets around the globe, and it has also been amongst the most badly hit by the pandemic. Is New York still New York when you can’t eat a gold-flaked donut while watching Yoko Ono scream gibberish?
Real Estate markets have experienced a great deal of turbulence over the past few months. Certain cities and states had put into effect strict coronavirus guidelines, which caused many to flee these areas due to the economic fallout and the personal infringement they felt these guidelines had, such as the forced closures of businesses. People are moving to the suburbs, bidding up those prices, while those that choose to hang around are more likely to find alternative options for less.
Similarly, the completed sales of single- and multifamily houses, co-ops, and condos totaled 2,489 in the first quarter, up 37% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. With that, the deals pushed the supply of listings in the county down 17% to 2,533, the fewest since the end of 2001.
Moreover, it was also seen that purchases of single-family houses gained the most among all property types, surging 44% from a year earlier to 1,528. And in the luxury category, the top 10% of the market, starting at $1.6 million in the quarter sales jumped 43%.
Despite vaccinations bringing hope for safer city life and the reopening of offices in the future, people are still clamoring for space in the greener pastures north of Manhattan. Unlike before, people now want to have both a city apartment as well as a home outside the city.
This has in turn led to an increase in competition and prices amongst buyers, with the median for all Westchester homes climbing 11% from a year earlier to $565,000. Single-family houses sold for a median of $700,500, up 9.5%. Increased demand of selling properties has carved its way into the market, in which a mere 3.1 months is all that it’ll take to sell all the properties available on the market in the entire country.
New York’s battered office market shall be the one to suffer beneath all if workers prefer working from home rather than travelling into the city each day for work. Available space in Manhattan is now at the highest that it has been in at least 30 years. With hope and new changes taking place, all we can do is hope for a better future for New York.