With a rise in the prices of NYC luxury real estate in the 4th quarter of 2015, there seems to be a level of confidence that hasn’t been in the New York real estate market for many years. The vacancy levels were a small distraction from this rise in real estate prices, but not enough to deter from the major factor of rising prices.
The average price for real estate in New York City right now is 2 million dollars. This was a 5.2 percent rise from 2014 Q4 prices. These patterns show healthy growth in the New York real estate market. Individuals are willing to pay top dollar to live in a city that gives them the work and living opportunities they are looking for. Price per square foot is also up at just over 1,500 dollars. There are many different factors contributing into this, but a bit part of that price jump is that vacancy levels are continuing to drop in the New York area.
This is a reason why the median prices have been rising. There has also been a shift in the economic pricing of the resale market. Sellers who are looking to move their home at a market friendly price has been able to follow this upward trend. This is moving the whole market towards new record highs.