But there are nuances within those trends. Rent prices, for instance, are falling the least in some high-density neighborhoods like Elmhurst and Jackson Heights, which have been among the areas hit hardest by the Covid-19 pandemic, notes StreetEasy economist Nancy Wu in a recent
. “They’re also home to more immigrants, Black and Hispanic New Yorkers, and those on lower incomes,” she adds.that collects real estate transaction data, to map deals across all five boroughs. The analysis reveals a number of interesting results: Sales are skewing dramatically toward larger homes and apartments, for example, and Manhattan units are bouncing back quicker than those in Brooklyn .
While the findings are not perfect—the data can be skewed by particularly large deals, for instance—they nonetheless offer a more granular picture of the current market.Overall, sale prices are relatively steady.MANHATTAN Sales above $1 million, which constitute the majority of deals, are rebounding after a precipitous drop.The average price per square foot is ticking up.Home sales are near the same place as the start of the year.Home sales have flattened in recent months.ABCData
Noah_Kirsch Many Chinese and Americans have inflated the real estate market in New York. It's really hard to imagine. Rental price is too high as well. property RealEstate NewYork economy NYSE
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