The New York housing market has seen a historical increase since the COVID-19 pandemic that swept the nation. Much of the push came when people started fleeing the congested metropolitan area during the early virus spreading.
With social distancing requirements and more people working from home than ever before– they wanted homes that were quieter, in less-crowded towns, and situated in neighborhood areas instead.
Much of this saw real estate being scooped up quickly in upstate NY as well as in Westchester County areas. This increase in demand and lower supply of housing in these desirable areas has made it a lucrative market for both buyers and sellers.
When it comes to selling homes, they are staying on the market no more than one week and some are being sold within 24 hours of being put up for sale. The other key factor to know is that bidding wars are taking these prices up to even $100,000 more than the asking price.
Another driving force has been location. Even properties that still require work to be done to them will sell at a higher price because buyers want to secure a home in those desirable areas and they are willing to pay premium costs and even cash to get it.
Now with recovery happening, vaccination rates rising and mortgage rates remaining low, the NYC real estate market is also seeing a boom. People are traveling back to the city, some are returning to work offices and the discounted apartment rentals in the city are now quickly getting filled. In fact, according to reports, Manhattan sold more apartments in this 3rd quarter than in the last 32 years. For sellers in this area, this also brings positive news as the competition means fewer requests for discounted prices and the return of bidding wars to keep the profit margin on these properties higher.