New York Real Estate Market Trends & Analysis
The New York real estate market plays host to the most extreme housing indicators in the country. In particular, four consecutive years of rising median sales prices have made affordable homes more difficult to come by. Thanks, largely in part, to a distinct lack of inventory, sellers have been able to increase prices at a faster rate than the national average. As a result, prospective buyers have had to remain on the sidelines. Even the prospect of low interest rates hasn’t been able to convince buyers to take action.
Both pending and closed sales numbers have declined year-over-year in lieu of increasing competition and prices. That said, real estate in New York appears to be turning a corner. Median home values are expected to rise at nearly half the rate of the previous year. The easement shouldn’t be viewed as a troubling sign, but rather as a return to normalcy. After years of exponential price increases, the impending temperance could allow more buyers to partake in the market and stimulate a healthy industry moving forward.
Both pending and closed sales numbers have declined year-over-year in lieu of increasing competition and prices. That said, real estate in New York appears to be turning a corner. Median home values are expected to rise at nearly half the rate of the previous year. The easement shouldn’t be viewed as a troubling sign, but rather as a return to normalcy. After years of exponential price increases, the impending temperance could allow more buyers to partake in the market and stimulate a healthy industry moving forward.
New York Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Attorneys |
| Conveyance: | Bargain-and-Sale Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial |
| Process Period: | 4 - 8 months |
| Notice of Sale: | Court |
| Redemption Period: | None |
Taxes
| Income Tax: | 4.0% - 8.82% |
| Corporate Tax: | 7.10% |
| Sales Tax: | 4.00% |
| Estate Tax: | 3.06% - 16% |
| Inheritance Tax: | No |
| Median Property Tax: | 1.23% |
| Property Taxes by County: | http://www.tax-rates.org/new_york/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,892.00 |
| Transfer Fee: | Mortgage tax 1.0%; Mortgage NY City 1% - 1.75%; Realty transfer NY City 1% - 2.625% |
| Origination Fee: | $2,109.00 |
Overview
- Median Home Value: $304,500
- 1-Year Appreciation Rate: +8.0%
- Median Home Value (1-Year Forecast): +4.4%
- Median Rent Price: $3,352
- Price-To-Rent Ratio: 7.57
- Average Days On Market: 61
- Unemployment Rate: 4.0% (latest estimate by the Bureau Of Labor Statistics)
- Population: 19,542,209 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $62,765 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 10.50%
- Foreclosure Rate: 1 in every 2,394
New York Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Lien state
- Interest Rate: 14% in counties that have sales *NYC does not sell TLCs to public
- Redemption Period: 3 years