Real estate markets have had a strong first half of 2019 in New York. New listings were up significantly in January over the same period in 2018, rising by 8.2%.
The increase in the housing supply is good news for home buyers and investors. But they should act fast to keep up with rising prices and to take advantage of some of the hottest markets in the U.S.
The statewide median home sales price was $278,000 at the beginning of 2019 and median home values continue to appreciate. In fact, if you’re thinking of building your portfolio, there’s an ample supply of opportunities throughout the state right now. In some areas, investors can find properties in urban centers well below $100,000.
Here’s your guide to some of the best real estate markets in New York.
This is one of the fastest growing cities in the state mainly because it’s attracting workers in record numbers. According to a recent article in the Buffalo News, December 2018 saw the fastest rise in jobs since 1999. The demand for workers is also pushing wages up and creating a housing boom in the city.
The median home value took a huge spike between 2017 and 2018. It rose by 17.4%, but home prices are still extremely affordable. The median home price of homes listed in the city is $92,500.
Some areas of the city that investors should consider are the west side and homes along Grant Street. These neighborhoods are attracting diverse workers and businesses, and if you look carefully you should be able to take advantage of the gentrification. Buyers should enter the market as quickly as possible, however. Home prices are rising by double digits.
JP Morgan recently gave this university city a big boost. Syracuse was just one of four cities in the U.S. to receive a multi-million dollar grant to help grow its economy.
The grant is a tip of the hat to the city’s aggressive push to become an economic hub. In fact, the mayor has dubbed the plan “The Surge.” It wants to modernize Syracuse’s economy with an influx of workers in tech infrastructure. The focus on economic growth is also leading to a hot buyer’s real estate market.
Median home values in the city are at $87,300. They went up by more than 5% last year over 2017 and they’re expected to keep climbing into 2020. This is an excellent market to buy into for investors. Home prices are extremely low and rents fetch a premium price.
Every year, there are thousands of students at the University of Syracuse and other higher education institutions looking for rental units. The median rent price is $1,250.
This jewel of a community is sandwiched by two extremely expensive towns. The median home value in neighboring Rye is almost $1.8 million. On the other side of Port Chester is Greenwich, where the median home value is a hair under $3 million.
The median home value in Port Chester is a pittance in comparison. At just $513,000, this is one of the most affordable New York City suburbs.
It’s also one of the most vibrant communities in the region. It’s not a place where residents get bored. If you buy a rental property or a home to renovate in this town, potential renters or buyers have an easy commute into Manhattan. It’s less than 30 miles away.
Port Chester is not just a suburb, however. The New York Times described it as “suburban, with a bustling downtown.” It has a wide range of shops and restaurants, with new Peruvian and Mexican restaurants lining the streets next to decades-old pizza places.
The community is also known for its low crime rates, family-friendly businesses, and excellent public schools. All of this makes it a solid and safe investment where home prices are expected to continue rising due to the limited supply of housing in and around New York City.
Real estate median home values in Long Beach jumped by 9% between 2017 and 2018. The city appears to be headed for another stellar year of growth, making it one of the safest real estate markets in the state.
The median home price of homes is also relatively affordable at $579,000. Home sales are being driven by the city’s location. It offers many of its residents ocean front views.
The city has been a tourist draw since the 1800s. Now, it’s drawing professionals and people from across the northeast. They are attracted by the city’s expanding economy and its picturesque boardwalk. The city is using it to its full advantage. It’s lined with apartments and condo units.
Long Beach has intimate neighborhoods but it still has a metropolitan feel due to its diverse population and thriving night scene.
If you really want to know what it’s like to live in the Big Apple, you can’t get any closer than Queens. This borough offers homes with price ranges that are diverse as its neighborhoods and communities.
You may want to check out Bayside where median home values are $903,000. Is that out of your price range? Why not take a look at homes in Astoria where you can find condo units for half that price. Forest Hills offers another option with some co-op units selling for about $200,000.
People move to Queens for many reasons, including its growing job market. But what sets it apart is that it really is the city that never sleeps. You can always get a slice or cup of coffee, no matter how late it is. It also has some of the world’s best restaurants and music venues. The borough’s dynamism has attracted newcomers for centuries, and that continues to drive the city’s growth.
Work with a Professional Realtor
Whether you’re a novice investor or experienced hand at real estate, it’s essential to work with a professional agent. They know local market conditions and can help you determine where your best opportunities lie.
Clever partners with top-real estate agents from major companies like Keller Williams, Century 21, and RE/MAX. They are all full service and have the latest data. That means you can be confident you’re fully informed about market trends throughout the state so that you can target your investment dollars for maximum return.