NYC MARKET UPDATE
The real estate market is up in 4 of the 5 boroughs in New York City. Median home values are down in Manhattan, where its become a buyers market. Median prices have dropped -6.1% in Manhattan year-over-year, according to Zillow. The median home value in Manhattan is now $1,228,200.
Brooklyn home values are holding steady, up a modest 1.5% year-over-year. The median price of homes currently listed in Brooklyn is $749,000. In Queens, median home values have gone up 5.1% over the past year. The median home value in Queens is $649,700 right now.
The hottest real estate market in the city right now is the Bronx, where the median home value is $437,900. Bronx home values have risen 9.8% over the past year. Staten Island home values have gone up 5.8% over the past year. The median home value in Staten Island is now $532,800.
NATIONAL MARKET UPDATE
The median home value in the United States is $226,700, an increase of 6.6% over the past year. Zillow predicts median home values will rise 4.1% over the next year. In February, existing home sales experienced their largest monthly gain in four years, according to a recent report by the National Association of Realtors.
Over the last two years, the average homeowner has accrued about $21,300 in home equity, according to the National Association of Realtors (NAR). NAR Chief Economist Lawrence Yun said that a combination of lower mortgage rates, more inventory, rising income and higher consumer confidence are driving sales.
Rising home prices aren’t discouraging homebuyers. According to a recent quarterly NAR survey, more Americans believe that now is a good time to purchase a home, citing the improved economy as an incentive. NAR Chief Economist Lawrence Yun said other factors are spurring buyer optimism, including more available homes for sale and stabilizing home price trends.
Yun also notes that mortgage affordability in 2019's first quarter was favorable to homebuyers, because the Federal Reserve isn’t going to raise overnight borrowing rates to banks, which contributed to mortgage rate declines and making homeownership slightly more affordable for homebuyers. Mortgage rates remain near historically low levels.
Colin R. O'Leary
Licensed Real Estate Salesperson
Berkshire Hathaway HomeServices New York Properties
590 Madison Avenue, New York, New York 10022
Direct: 646.677.9346| Mobile: 516.330.2756
Bio & Listings: bhhsnyproperties.com/colin
Real Estate Board of New York Member
U.S. Air Force Veteran
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