New York, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

New York, NY Housing Market Trends

With a population of 1,628,706, 759,460 total housing units (homes and apartments), and a median house value of $1,167,748, 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 94.90% 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 ( 3.02%), single-family detached homes ( 1.17%). Boroughs with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact boroughs that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

New York is dominated by renter-occupied one, two, or no bedrooms apartments. 76.83% of New York's dwellings are rentals.

The housing in New York was primarily built before 1939 ( 42.66%), making the housing stock in New York some of the oldest overall in America, although there is a range of ages of homes in New York. The next most important housing age is between 1940-1969 ( 29.40%), followed by between 1970-1999 ( 18.37%). There's also some housing in New York built between 2000 and later ( 9.56%).

Vacant housing appears to be an issue in New York. Fully 13.71% of the housing stock is classified as vacant. Left unchecked, vacant New York homes and apartments can be a drag on the real estate market, holding New York real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

New York Home Appreciation Rates

Appreciation rates for homes in New York have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 46.67%, which ranks in the top 30% nationwide. This equates to an annual average New York house appreciation rate of 3.90%.

Over the last year, New York appreciation rates have trailed the rest of the nation. In the last twelve months, New York's appreciation rate has been 4.10%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in New York were at 1.69%, which equates to an annual appreciation rate of 6.94%.

Relative to New York, our data show that New York's latest annual appreciation rate is lower than 70% 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 2000, to assist you in making the best New York real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$1,167,748

New York, NY HOME PRICES

> $1,225,000
42.3%
42.3%
$919,001 - $1,225,000
13.3%
13.3%
$612,001 - $919,000
20.4%
20.4%
$490,001 - $612,000
6.9%
6.9%
$367,001 - $490,000
7.1%
7.1%
$245,001 - $367,000
3.6%
3.6%
$122,001 - $245,000
2.4%
2.4%
$61,001 - $122,000
1.3%
1.3%
$0 - $61,000
2.6%
2.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NY

Value Relative To Nation

Number Of Homes And Apartments:
759,460

New York Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
150.24% 4.46%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,194 / per month

Homeownership Rate

Owners
23.2%
23.2%
Renters
76.8%
76.8%
Vacant
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.6%
9.6%
1970 - 1999
18.4%
18.4%
1940 - 1969
29.4%
29.4%
1939 or Older
42.7%
42.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
1.2%
1.2%
Townhomes
0.8%
0.8%
Small Apt. Buildings
3.0%
3.0%
Apt. Complexes
94.9%
94.9%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
15.7%
15.7%
1 Bedroom
38.6%
38.6%
2 Bedrooms
29.9%
29.9%
3 Bedrooms
12.1%
12.1%
4 Bedrooms
2.8%
2.8%
5 or more bedrooms
0.8%
0.8%
0.0% 100.0%
% OF HOMES