If you have been trying to buy a house in New York, you may be facing a number of challenges when it comes to finding a property for fair market value or in getting rid of your previous home to access the equity you need for a down payment. Whether you are interested in selling your home for cash or you would like to learn more about what a good deal is, it’s important to know more about the trends in New York real estate.
To take you through some of the significant changes in the housing market, Trusted Property Advisors is here to help guide you in how property value has changed in New York over the past 20 years:
Brooklyn is one area of New York City that has seen a considerable boom over the past decade. With the median home sale sitting at $466,000 in 2010, today the median prices for a home for sale in Brooklyn sits around $790,000. The Brooklyn property market is perhaps one of the most explosive in New York’s recent history.
The price of housing in Queens has also changed considerably but not to the same extent as Brooklyn. Early numbers in Queens had the median house price sitting at $450,000. Today the median housing price is around $600,000 for a home in Queens.
Manhattan is a neighborhood that has experienced regular and incremental growth over the past 20 years. Purchasing a home for under 700,000 would have been much easier 20 years ago where is today the median housing price falls above 1.075 million dollars.
The Bronx has also produced some steady growth and considerable improvements over the last 20 years. As one of the most affordable places to live in NYC, the growth here is substantial considering the median home price sits at around $450,000 today. This is a substantial boost from $250,000 just 20 years ago.
If it is time for you to sell your home or you are interested in investing in real estate, now is the perfect time to do so in NYC with Trusted property advisors.