Last Updated on 05/09/2024 by Arun jain
Want to buy a house in New York City? Expensive But out-of-state buyers are still moving to the city, in smaller numbers than they were 10 years ago.
recent Study PropertyShark compared where city buyers came from in 2014 and the first half of 2024, analyzing sales of single-family and two-family homes, condos and co-ops with a sales price of at least $100,000. All 50 states and Washington, DC were included, as were foreign countries, lumped together as one group. Data were extracted from public records, and the origin of buyers purchasing through LLCs was manually confirmed.
New Jersey residents are the most active out-of-state buyers in New York City, but their numbers have declined. In the first half of 2024, Garden State residents foreclosed on 345 homes, up from 487 during the first half of 2014. Connecticut also had fewer sales in the city this year (118) than a decade ago (129). And the number of international sales dropped from 178 in 2014 to just 41 in 2024.
Meanwhile, California residents purchased 244 homes in 2024, up from 175 in 2014, making them the second most active out-of-state buyers. Sales in Florida increased from 189 to 219. And Texans bought 92 NYC homes this year, up from 86 a decade ago. Also, there was an Alaskan (down from two).
But of course, in-state buyers accounted for the majority of home purchases in the first half of this year, closing on 11,579 homes — up from 15,781 in 2014. Within the city, Queens residents bought the most homes in 2024 — 3,247, down from 4,329 in 2014. Buyers in Brooklyn, Manhattan and Staten Island were also less active than 10 years ago. Only the Bronx saw more activity than in 2014 — 653 deals in the first half of 2024, up from 545 in 2014.
Outside the city, Nassau County shoppers topped the list, followed by Westchester and Suffolk counties.
Post Where do New York City shoppers come from? appeared first New York Times.