We'll be discussing the current state of the NYC real estate market as well as the statewide data. New York City is among the most expensive and competitive housing markets in the nation. It has also been among the most hard-hit by the COVID-19 pandemic. However, buyers have made a swift comeback since the reopening of the economy this summer, which led to a busy fall home-shopping season.
The current trends show that the New York housing market continues to be hyperactive in cold weather with sales higher than normal levels. The New York real estate market (statewide) continued to be sizzling hot in October 2020 with both sales and prices increasing by double digits as compared to last year.
The closed sales increased by 16.6 percent from 12,853 units in October 2019 to 14,981 last month while pending sales skyrocketed by a 38.8 percent increase from October of last year, according to the housing report released by the New York State Association of REALTORS®.
Housing inventory remained low through October. Active listings decreased by 20.9 percent compared to last year at the same time. Months supply of inventory dropped 23.2 percent – from 5.6 months to 4.3 months. The statewide median sold price in New York increased by 24.5 percent to $340,000 in year-over-year comparisons. The average sold price also increased from $362,572 to $441,020 – an increase of 21.6 percent year-over-year. [Read more…]