New York, NY 2024 Housing Market | realtor.com® (2024)

FAQs

What is the rent trend in NYC 2024? ›

The median Manhattan rent was $4,500 per month in February 2024 — versus $4,300 per month in January. Rental prices increased 5% month-over-month and 7% year-over-year.

Average Home Prices: The average median home price in New York is $518,800, up by 6.3% YoY. In 2024, the median sale price will keep increasing marginally due to NY's tight inventory. The sale-to-list price ratio is at 99.80%, with an increase of 0.2 pt YoY compared to January 2023.

Is NYC a Buyer's or Seller's Housing Market? As the market dynamics shift, buyers in NYC are gradually regaining negotiating power. In January, while the typical NYC home received 96.3% of its asking price, up from 95.4% a year ago, sellers are increasingly open to negotiations.

Average price per square foot

2017 set the new price record at $1,775 per sqft, then decreased to $1,657 in 2019.

(NerdWallet) – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

As inventory rises in 2024, you can expect rents for new leases to stop climbing, says Kenny Lee, economist for StreetEasy. But don't expect a sharp drop, because inventory levels are still below pre-pandemic levels.

Yes, it's a good time to buy Manhattan property now if you are a cash buyer and especially if you plan to rent out the property. Properties on the market are negotiable while rents are at record levels. The price per sqft trend for Manhattan condos is stable appreciation in the long run.

The months from March to June are the best time to buy a house in New York. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

Recent Trends in NYC's Home Purchase Market

Based on data from StreetEasy, the median sales price for homes that sold in 2023 was $764K, down about 2% from a record high of $782K in 2022 but back up to $785K in early 2024.

New Yorkers will see a calmer rental market in 2024, after inventory shortages led to strong competition for rentals this year. As inventory rises further next year, citywide rent growth will slow, although a sharp drop is unlikely due to still-limited inventory compared to pre-pandemic levels.

Is it smart to buy in New York City? ›

While it's true that buying a house in New York City can be expensive, the cost to rent in the city is also fairly high. For those who can afford the upfront costs of homeownership, buying a home in NYC can be a good investment.

In spring 2020, the suburban and rural areas transitioned into seller's markets, and by fall 2021, New York City followed suit. Fast forward to 2023, and the demand for homes in New York remains strong. However, several factors are affecting the real estate market, including low inventory and rising mortgage rates.

How much does it cost to build a 2,000 square foot home in New York? It costs about $300 per square foot to build a house in New York. So, you would have to spend $600,000 to build a 2,000-square-foot home in New York. These costs will vary depending on location, property type, labor expenses, material costs, etc.

Tiffany & Co.

store on Fifth Avenue in New York. The jewelry industry is led by Tiffany & Co. , which also boasts an impressive presence globally. Drawing shoppers in to have a look at its diamond-studded hardware, Tiffany does sales of $2,951 per square foot.

For most city dwellers, living with roommates is essential. Combined incomes and cost splitting make large rents affordable. Multiple roommates mean lower costs, not to mention a division of chores and a possible support network. If you moved to the city solo, someone's almost certainly renting a room.

New Yorkers will see a calmer rental market in 2024, after inventory shortages led to strong competition for rentals this year. As inventory rises further next year, citywide rent growth will slow, although a sharp drop is unlikely due to still-limited inventory compared to pre-pandemic levels.

The median rent for one-bedroom units in New York City decreased 2.9% from $4,161 in December 2023 to $4,040 in January 2024.

The study forecasts rent prices across the city next year to stay the same as in 2023. However, rent may decrease in Manhattan in 2024.

In the ACS, median gross rent in NYC rose from $1,500 in 2019 to $1,680 in 2022, a gain of 12%. This is a smaller increase than in the StreetEasy data—which showed a 17% rise from 2019 to 2022—and also a much lower level of rent than the $3,300 reported by StreetEasy for on-line available listings in 2022.