Whether you are a New Yorker already renting and planning to buy a home or someone moving into the city, it might benefit you to understand the housing market trends.
There are a lot of things you should know about, starting with a crucial question – will 2025 be a better time to buy a house? An overarching answer to this question is that it would be better in some ways and worse in others.
- One of the driving factors behind this would be interest rates. Current predictions are that the Fed will cut interest rates slowly and gradually, and we may not see a sharp decline. This can be better for prospective buyers as it may keep the buyer pool to a reasonable size, while a sharp cut might draw in more people.
- From a price perspective, a strong fall in the market indicates that prices might experience a steady increase. Two factors will keep prices in check: inventory size and the number of buyers entering the market.
- The number of sales and listing inventories closed in each quarter improved over the year in the first three quarters of 2024 but was still impacted by the seasonal market dynamics. This trend may continue.
Next year will likely be very similar to the current year for buying, though you may have access to slightly better rates. However, generalizing a complex market like New York can be a mistake. The trends may vary greatly across property types, boroughs, and neighborhoods. Luxury properties may see a price cut, whereas properties in the lowest quartile of the price may see a relatively sharp increase, especially in some neighborhoods.
You can leverage the services of a New York City broker to help you get the best possible deal for your budget. They may also guide you on the right time to enter the market in 2025.
The requirements may differ, especially if you are buying an apartment in a particularly restrictive co-op, but for the most part, these things are what it takes to buy an apartment in NYC.
Also Read: The Guide To Buying Your First Investment Property In NYC
