Monday, September 26, 2022

NYC homes selling at their fastest pace in 6 years: Study

New York City homes are once again selling out in the New York Minute.

In April, according to a newly released market report from listing portal StreetEasy, the average city home spent a total of 46 days listing for sale – 20 days less than 66 days in April 2021. The figure also shows the shortest time units. On the market since April 2016, when they sold out in just 44 days.

This is a sign of a competitive market marked with strong buyer demand. Not only does spring house hunting traditionally bring fast-moving deals, but it also comes as locals continue to return to the city, along with schools and offices.

Part of that demand for city home buying, too: inflated prices. In April, the average asking price for a city home climbed to $995,000 — a 4.7% year-over-year jump, as well as the highest price recorded since June 2019. The number of homes entering contracts remained near the record highs seen last spring. In April, and in Manhattan alone, a total of 1,525 units entered into contract – the highest number of views since May 2013.

The average asking price for a city home also increased in April.
Getty Images/Tetra Images RF
The borough of Manhattan saw median prices increase by $1.45 million.
The borough of Manhattan saw median prices increase by $1.45 million.
Getty Images

Despite what it may sound like, there are plenty of apartments out there for those who can afford them. Last month, StreetEasy posted a record 19,000 city homes for sale – not far from the pre-pandemic high of 20,735 listed in the spring of 2019 during a slow-moving market.

The sales market is far from the rental market, which began to return to its notoriously high prices in late 2021 – marked by massive hikes for renovations and bidding wars to secure available units. Adding salt to the wound, there are now less than 10,000 rental units available for grabs in parts of Manhattan, Brooklyn, and Queens.

Similarly, the StreetEasy report only includes data for Manhattan, Brooklyn and Queens.

In Manhattan, the average asking price rose to $1.45 million in April, a 7.4% year-over-year increase. That’s lower than pre-COVID, but Brooklyn hit pre-pandemic prices in April, when prices rose 6.6% year-on-year to $975,000, the highest StreetEasy says it’s been doing since May 2019. is from. Meanwhile, Queens saw average prices under 2.5. % year-over-year $599,450 in April.

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