Neighbor News
Michael Shustek on NYC's 2019 Real Estate Market
With a recent shift in the city's real estate industry, the market has turned in favor of the buyers.
Considering New York City’s real estate market produces thoughts of rising prices and shrinking spaces. However, with a recent shift in the city’s tumultuous real estate industry, the market turned in favor of the buyers, and it looks like this development will continue well into the new year.
In late September, New York City saw more properties listed for sale than it had ever seen; alongside a decreased number of property sales, the city’s real estate market is being forced to adapt, catering to buyers’ demands for lower costs and better accommodations.
The luxury real estate industry has also witnessed some declines. Properties listed at high prices, typically over $1 million, have remained on the market longer than owners have anticipated, often selling for much less than advertised. The current trend shows that higher the price a property is listed at, the longer it sits before being sold.
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With more residents looking to improve their living situation or seeking more appropriate residential areas for raising a family, the new year will undoubtedly see an increased number of properties for sale, contributing to the perpetuation of the buyers’ market.
As always, there are some exceptions. Queens has proven to be a remarkable outlier as the 2018 market saw a substantial increase of prices; these listings are, however, still more affordable than those found in Manhattan and Brooklyn, and given the convenience of residences in the borough, it will likely witness similar growth next year.
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In addition to the anticipated stabilization of the market as the year progresses, it is expected that new developmental projects—such as Amazon’s HQ2, various Hudson Yards constructions, and several residential towers slated to be unveiled in the new year—will increase residential rentals and bolster the real estate market in select areas.
Given the city’s history, it seems unlikely that the buyers’ market will persist for long. However, fewer residents are simply unable to afford the expensive rent that comes with living in the city. For the time being, the market will remain a buyers’ market in order to accommodate the desire for more affordable and convenient living arrangements.
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