NYC Real Estate Rises: 8% Surge in Property Values Aug 2023-Jan 2024

New York City’s real estate market from August 2023 to January 2024 witnessed roughly an 8% increase in average property values, along with fluctuations in per square foot values and sold prices.

authorWritten by Manuel MartinezFeb 27, 2024

Overview of Monthly Real Estate Trends in New York City

The thrumming heart of finance, culture, and real estate, New York City never ceases to be a hub of activity and growth. Even amidst fluctuations, the Big Apple’s real estate market has displayed resilience and an upward trend, painting an optimistic picture for homeowners and investors alike. With a focus on the monthly progression from August 2023 through January 2024, we notice a valuable upward shift in average property values, indicating a robust market landscape.

Increasing Average Values

New York House Prices Feb 2024
New York House Prices Feb 2024

A closer dive into the data from August 2023 to January 2024 reveals an increase in average property values from $1,200,000 to $1,295,000 – a nearly 8% rise over six months. It’s important to note, however, that this ascent saw its peak in June 2023 with an average value of $1,588,333 before experiencing elasticity in the subsequent months. November 2023 notably saw a downturn to $1,175,000, only for the market to rebound once again. Such fluctuations are characteristic of a dynamic market, where diverse factors such as economic outlook and housing demand can have immediate impacts.

Per Square Foot Values

Examining the per square foot value, a key indicator of real estate health, we again observe a similar overall incremental pattern. Starting at $1,366 in August 2023 and experiencing a spike at $1,500 in June – undoubtedly the result of intense seasonal buying activity – the value levels matched the August figure again in January 2024. This could signal that, while the value increases might be tempered over time, they remain relatively stable, keeping pace with the preceding year’s trends.

New York Price Per Sq Ft Feb 2024
New York Price Per Sq Ft Feb 2024

Sold Prices and Per Square Foot

However, a stable upward trajectory is not mirrored in every metric. The average sold price witnessed a peak in December 2023 at $1,478,619, implying that some property transactions were significantly higher than the overall average values observed. In contrast, May 2023 stood out for the average sold per square foot value at a premium of $1,517. The absence of a clear trend here reflects a more segmented market reality where certain properties or neighborhoods may outperform others due to unique attributes or high-demand periods.

Property and Sold Counts

The flux of the market extends to the number and rate at which properties are listed and sold. A highest listing count of 226 properties in June 2023 contrasted starkly with the nascent figure of 127 in August 2023. Similarly, property sales hit their peak in September 2023 with 3,564 transactions but slowed down towards the year’s end, registering the minimum at 3,129 in December. Such ebb and flow could be ascribed to various seasonal and economic influences, suggesting that timing can be a crucial factor in the New York real estate market.

Median Values in the Market

While the dataset didn’t include month-over-month median values, it’s noteworthy that the median value for recently sold properties stands at a substantial $1,371,266. This aligns with the trends in average sold prices and suggests a market with a tendency for considerable high-value transactions. With the median often considered a more representative figure than the average, as it is less affected by extreme outliers, this could indicate a prosperous market segment for recent sales.

In conclusion, the New York real estate market’s vitality is echoed through its rising property values and per square foot prices, its fluctuating but robust sales, and demonstrated high median values in recent sales. While the average sold prices ebb and flow, often offset by broader market currents, the overall data exemplify a real estate environment laden with potential. Whether navigating sales or acquisitions, stakeholders in this space must be attuned to its variable nature and the promising opportunities it presents.

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