Over the past few years, private equity firms have quietly spent hundreds of millions of dollars buying apartments in neighborhoods like Bushwick, Bedford-Stuyvesant and Williamsburg in Brooklyn and Ridgewood in Queens, property records show.
Is it a buyers or sellers market New York City?
“[With NYC], by spring and summer 2021, you could feel the shift in the air. By fall, we were a full-on seller's market.” Fast forward to 2023, and the demand for homes is still there. But several factors are keeping sales down.
Who are the largest real estate owners in New York City?
- The city of New York: Unsurprisingly the city's own government came out on top with the amount of properties and square footage it owns across the city.
- Vornado Realty Trust: With nearly 30 million square feet to its name, Vornado Realty Trust comes in second place.
Are real estate prices dropping in New York City?
Based on all homes sold in the last 12 months. Homes in New York have sold for 1.6% less than they did a year ago. Summary: The median home sold price in New York was $837,761 in September 2023, down 1.6% from last year, and the median price per square foot was $624.
What is the NYC real estate market forecast for 2023?
Looking into the near future, a 1-year market forecast offers insights into the expected trajectory of the real estate market. The forecast for June 30, 2023, suggests a 4.0% increase in home values, underscoring the market's resilience and potential for growth.