New York appreciation rates and housing market information

New York housing market information

With a population of 1,537,195, 798,144 total housing units (homes and apartments), and a median house value of $834,874, New York house prices are not only among the most expensive in New York, New York real estate also is some of the most expensive in all of America.

large apartment complexes or high rise apartments are the single most common housing type in New York, accounting for 96.40% of the borough's housing units. Other types of housing that are prevalent in New York include duplexes, homes converted to apartments, or other small apartment buildings (2.73%), and a few row houses and other attached homes (0.51%). Boroughs that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of boroughs are often walkable and compact, and often have a lively downtown.

New York is dominated by renter-occupied one, two, or no bedroom apartments. 73.92% of New York's dwellings are rentals.

The housing in New York was primarily built before 1939 (43.36%), making the housing stock in New York some of the older overall in America, although there is a range of ages of homes in New York. The next most important New York housing age is 1940-1969 (37.40%), followed by 1970-1994 (16.86%). There's also some housing in New York built between 1995 and later (2.38%).

New York home appreciation rates

In the last 10 years, New York has experienced some of the highest home appreciation rates of any community in the nation. New York real estate appreciated 212.94% over the last ten years, which is an average annual home appreciation rate of 21.29%, putting New York in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, New York definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in New York that despite a nationwide downturn in the housing market, New York real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New York appreciation rates continue to be some of the highest in America, at 3.50%, which is higher than appreciation rates in 79% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New York. New York appreciation rates in the latest quarter were at 1.23%, which equates to an annual appreciation rate of 4.92%.

Relative to New York, our data show that New York's latest annual appreciation rate is higher than 80% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the borough. Individual neighborhoods within New York differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New York - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best New York real estate investment or home purchase decisions.