Manhattan continues to thrive in today's housing market
Real estate in New York, NY, is increasing in value at a rapid pace. In part, the rising costs may be driven by the economic recovery and foreign demand. According to NYC Blog Estate, the Big Apple has regained approximately 65 percent of the private sector jobs it lost during the recession, while the rest of the United States has only seen a 36 percent comeback. The city is also expected to recover all jobs lost by the end of 2013, which is a full year earlier than the rest of the nation.
The Manhattan transaction activity remained steady during the first quarter of 2012. Closings were up 60 percent compared to the same time in 2009, mostly driven by foreign demand. Total market-wide listings declined 9 percent compared to 2011, which has created a bidding war in many parts of New York City.
Homebuyers with the financial means to invest in property in the Big City may want to act fast, as available space is depleting at a rapid pace. Whether looking to move to the Bronx or downtown Manhattan, there are numerous other buyers with the same plans. Taking the time to plan out purchasing habits accordingly may put buyers in the right place with down payments in hand. While many markets in the U.S. are in extreme downturns, New York continues to thrive.