G+ October 2023 Market Update
For this month’s market update, the Gumas Plus team will try something a bit different, and answer four of the most asked questions we hear every day in the marketplace.
Question 1: Is Manhattan a buyer’s or Seller’s Market?
Since mid 2022, we are in a buyer's market. Buyers (especially those buying all-cash) have the advantage. Prices have recovered significantly from the Covid bottom, but price per sq ft is still lower than the peak in 2017. Rental yields are high as rents are at record levels.
Question 2: Is NYC real estate still a good investment?
Despite a few neighborhoods that may have noticed dips in home values, NYC real estate remains an advantageous option for long-term investors. Research has proven that if you hold onto your investment for 5 or more years, it will be rewarded with generous returns regardless of any temporary fluctuations in the market.
Question 3: How are the prices if you are looking to buy in NYC?
In August 2023, the median listing home price in New York, NY remained steady at $795,000 year-over-year. The median listing home price per square foot stood at $774, while the median home sold price was $715,000. If you’re buying a home.
If you’re buying a home in Manhattan, the sale-to-list price ratio, a key indicator of market competitiveness, was 97.3% in August 2023. On average, homes in New York, NY were sold for 2.7% below their asking prices during this period.
Question 4: How many days does it take to sell the average home in NYC?
While many factors influence this statistic, PRICE is critical to a fast sale. A property priced right will sell in half the time. Otherwise, the median days on market for homes in New York, NY was 86 days. This indicates that, on average, homes sold after spending 86 days on the market. The trend for median days on the market has been on a slight incline since the previous month, and also showed a minor increase compared to the same period last year.
I hope you found the answers to these most asked questions helpful. However, if you have any specific questions of your own, or want to discuss the real estate market in general, feel free to call me anytime… 917.601.3685.
With kindness and care, Peter
