New York Real Estate

The home prices in New York continue to appreciate in and around New York City, including Long Island and Westchester and Dutchess counties. In general, there is high demand and a shortage of inventory in many areas of New York, which contributes greatly to the appreciation rates. Employment growth in New York increased over the past year, especially in New York City and its surrounding suburbs. Major job growth was reported in the health, business services, and financial sectors. Job growth is a positive sign for the New York real estate market.

Overall, home appreciation rates in New York are up 11.7% from last year. There is some concern among market analysts that the extreme, double digit appreciation rates may eventually consume the market. The dramatic increases the New York market has seen over the past few years may eventually lead to unaffordable housing, businesses or people moving to other areas, and home prices may actually stagnate. In real estate steady and moderate appreciation is good, but crazy and inflated appreciation can be dangerous for new home purchases in New York.