Real estate prices boom to record high in New York

Real Estate | 16 Jul |

The cost of real estate in certain parts of New York has boomed to record highs during the second quarter of the year.

This increase in price has been seen most noticeable in Manhattan, where the cost of buying property has reached a new peak. The average resale cost of an apartment in Manhattan is now holding steady at $999,000, which is the biggest price tag on record for this New York City borough.

Property prices across the entire borough of Manhattan were up by an average of 12% during this quarter, providing financial relief to those who have managed to sell their properties during this period.

Gaining Momentum

The real estate market across all of New York can be seen to be bouncing back steadily following the nationwide dip experienced in 2020. Real estate was not immune to the impact of the coronavirus pandemic, with property sales observed to have decreased around the world.

Experts suggest that a property shortage, combined with the growing desire that families have to upgrade to larger apartments, is fueling the current price boom in Manhattan.

Data shows that there were over 3,400 property sales in the local area in the second quarter, which is an approximate increase of 150% when compared to the same period last year. In fact, these sales figures are the best result seen in the local market since 2007.

How to Find the Perfect Home in New York

Looking for the perfect home in Manhattan, as well as the rest of New York, has become a competitive undertaking. In the quest for the perfect home, many buyers have high standards and high expectations.

Access to outdoor space is a much sought-after feature of a New York home. This is especially the case for those with young families and for people who like to entertain guests in the summer months.

There are a number of companies who are working to improve the outdoor living spaces across the state, such as through landscaping of existing areas. For those who wish to do this, it is helpful to know How to Find and Evaluate the Best Outdoor Living Space Service Providers in New York.

Why Is New York so Popular?

The wide range of property types and various living options is one of the reasons that New York is such a popular place to set up home.

It is estimated that more than eight million people live in New York City, with more than 19 million people living across the state of New York. New York City is also a popular vacation destination, with more than 60 million tourists coming to visit each year.

The majority of these people are drawn to the city due to its amazing culture and the vibrant nightlife, as well as the countless attractions. New York City boasts close to 100 museums, more than 1,500 art galleries, and tens of thousands of bars and restaurants.

The range of high-class hotels and other accommodation services means visitors are spoiled for choice and can always enjoy a luxurious trip.

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