People are moving back to New York (Reventure's 2025 Housing Forecast)

Home values across the New York housing market continue to spike in late 2024 heading into 2025. While values have dropped in Manhattan, they are up nearly everywhere else: Long Island, Westchester, and Upstate NY.

Home prices across New York State are rising due a lack of inventory and homes for sale. In cities like Syracuse, Rochester, Albany, Nassau, and Staten Island, the inventory is very low. The only place where there is ample inventory is New York City and Manhattan, where values are down 20% the last two years.

Could New York City condos now be a buying opportunity, particularly in the luxury Manhattan real estate market? Home values in New York City are now undervalued compared to long-term norms.

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[ReventureApp]

New York's housing market has continued to defy the odds, with value continuing to surge across Westchester, Long Island, NoJersey, and Upstate.

Meanwhile - NYC/Manhattan values are down 20% from peak. And are starting to look like a buying opportunity. Access the data on Reventure app for your city and ZIP code in New York: www.reventure.app

[Ron]

People are getting hip to the fact that the Northeast is largely immune to devastating weather events -- hurricanes, floods, blizzards, tornadoes.

[danm]

NY is resilient during harsh times. its a hurdle turtle kind of place vs growth/expansion like FL or TX. You live in NY when times are tough and live in FL/TX when times are good. (And you should sell in FL when times are good, sell in NY when times are tough).

[merelymalicious]

the "up and coming" energy in upstate NY is real. the old erie canal corridor is seeing a lot of investment from the state while the city is slowly abandoned. These old cities are raw but have good bones. the floor is low but the ceiling is low too when Syracuse has worse water than Flint.

[kevinnieto]

As someone who currently lives on Long Island, I can tell you that no matter what economic turn happens in the country… this place will always be immune to crashes, because it’s so condensed here, there are no more empty lots in Nassau County and Suffolk county is headed in the same direction, and there are MANY well paying jobs here, and rent for a 2 bedroom Apt can easily run you $2, 800 a month. People know the scarcity of homes here so they’re holding on to it because if you sell, you won’t be able to buy anything here under 300k

[jamesgardner]

Capital District (Albany metro for u out of staters) resident here. The jobs market seems to be holding up. Regeneron continues to hire, Global Foundries continues to grow, lots of investment around semiconductor R&D, and the state has something like 40-50% of its workforce retiring over the next decade so they are pushing to attract workers.

The winters have even softened a little (still cold though). Hopefully, I-787 gets knocked down opening up a lot of prime urban land for redevelopment along with redevelopment of existing homes.

It’s not perfect but much nicer than u would think.

[dbanka]

Loved this video— & detailed data…what a great resource… I am quite familiar with the Upstate area between Syracuse and Rochester and you are dead on ——values in the Fingerlakes region are holding steady and going up modestly and surging for lake frontage especially desirable ares like Skaneateles NY —be careful on the migration numbers— what we have found in the finger lakes the migration patterns are intra-state…people from NYC find that is as easy (time wise) to commute on weekends from Manhattan to Skaneateles as it is from Manhattan to the Hamptons at far better values and quality of life…NYC wealthy folks are buying up the property around the lakes

[stans]

I grew up on LI. My Mom still lives there. I visit several times a year. Great place to live. Lots of young people finding jobs in NYC,

[Thomas-wncl]

NYC: flee from the pandemic & run from the race riots. Remember, the city used to sell row houses in Harlem for $1 and the Bronx literally burned. Housing can go to zero under enough mismanagement and negative economic pressure. As far as the counties surrounding NYC, you would have to pay me to live in those congested over priced hell holes of suburbia.

Question, with housing prices out of the reach of working and lower middle class families, where do all the nurses aids, janitors, bank tellers, grocery store workers, and tradesman live in these affluent areas? Not the owners, but the actual workers.

[juliorivas]

Although you choose to primarily cover real estate markets that are dropping dramatically, which is helpful, it is useful to also cover markets that continue to climb.

[wkw]

I would buy a brownstone for 2 million over a larger modern condo going for 1.2 million. Taxes are reasonable for the brownstone but the Condo will have astronomical HOA/common charge fees. That is a killer! Makes no sense to put yourself in that situation even if you have millions as a buffer.

[AV-misp]

The NYC market is undervalued for a reason. You forget to say that there is a 1% mansion tax on all real estate transactions above $1MM, also income tax at 9% has led to the boom of real estate in the places near NYC that don’t have those taxes. We moved to NJ and have saved so much in taxes, groceries, energy and clothing that it makes the tolls worth it.

[alexmosichuk]

Good luck with this project.
I lived there for 16 years, Brooklyn, Staten Island, Bergen County NJ, never again 😂

[darius]

Will you do a video on DMV... that includes Prince George County, MD 20613?

[hejiranyc]

The reason why NYC prices are undervalued is because they have come down while rent prices have skyrocketed. I suspect that it's only a matter of time before the sales market catches up with the rental market.

[splinhard]

I’m interested to see migration patterns, this whole “low inventory” business appeared after Covid. I know less people are moving because of interest rates though.

[rssdefensecorp]

Florida housing still super expensive I donot see this inflation going down anytime soon

[eddieloujones]

Upstate NY is because they don't build much here so Inventory is low. There is no boom of people moving here. I highly doubt retirees want to spend half the year in cold and grey/dark skies. Quite the opposite. Once we get our inventory back, prices will quell. It will take time though. And RE taxes are quite high. This place will correct. I have no doubt.

[nathanielsingleton]

Upstate NY and the surrounding areas are seeing a pop in real estate demand because of the green rush and people fleeing the city because of chaotic crime surge.

[Dee-wy]

Home values are declining rapidly in Florida.