New York Real Estate Market Trends
New York home prices are often one of the most discussed areas of real estate in the country. For those planning to move in to the area, it is a good idea to check out the latest trends and know what the market is doing. After all, this information can help you to decide if now is the time to buy or not. For many people, New York real estate is at its best point right now and things continue to look better overall.
The Data Speaks for Itself
When it comes to buying New York real estate, the numbers matter. There are numerous reasons to buy in this area right now. Consider a few important pieces of data about real estate in the city.
- The median sale price for a home in New York City is $1,061,250. That is an increase of about $405 from last year at this time.
- The average listing price of a home in New York City is $2,396,973 as of March of 2013. That is an increase of $18,047 or .8 percent over the same time period last year.
- The average price per square foot for property here is $1295, which is an increase of 3.4 percent over the previous year.
- There are currently 9131 homes for sale and 398 foreclosures in the area.
So, what does all of this data really mean for those who are considering purchasing here? There are a few other market trends to consider.
Property Is Selling
One of the most important things to know about New York real estate is that property is moving. Since January of 2013, the market has seen significant change in the overall sentiment of the buyer. Once worried about the risks of the bottom falling out, many have changed their mind and are now significantly more confident in the market.
- Property prices are on the rise, but they still remain low in many areas. This means that acting now can be a solid investment for most buyers.
- Most New York home prices remain highly affordable overall. It also helps that interest rates remain very low, which means it is possible to purchase the home of your dreams for significantly less now than it may cost in just a few years.
- The current inventory of homes on the market is good but dropping. This is a sign that things could turn around for the seller, though. Buyers are buying and that means property will be bought up.
If you are wondering if New York home prices are perfectly suited to your needs right now, consider a purchase. However, it is still a very good idea to turn to a professional for help making your buying decision.
Why Work with a New York Real Estate Agent?
New York real estate remains highly competitive. There are outstanding deals to be made here, but there is also an important level of understanding and experience necessary to make a wise buying decision. Working with a local real estate agent who knows the market well is one of the best decisions you can make. Not only will they help you to find the best property for you, but they will also help you to get the best rate.
To find out what is available in the market, turn to a local agent. Ask for comparables to properties recently sold. Find out what you can expect if you buy a home right now compared to a few months from now. What you may find is that New York real estate is readily available right now.