Home / MARKETS / New York City home-buying has begun to rebound after a year of exodus during the COVID-19 pandemic

New York City home-buying has begun to rebound after a year of exodus during the COVID-19 pandemic

  • In the flesh are moving back to Manhattan and taking advantage of lower prices in the process.
  • Manhattan home-buying increased 2.1% in the in the first place quarter this year from the same time last year.
  • Prices remain lower than before the pandemic, new text show.
  • See more stories on Insider’s business page.

People are buying up real estate in Manhattan once again after hand down en masse amid the COVID-19 pandemic that hit the city hard. 

For the first time since the beginning of 2020, the host of sales topped the year-ago total, according to a report by Douglas Elliman Real Estate brokerage that was initially covered by Bloomberg.

Apartment sales in the borough increased 2.1% in the first three months this year as paralleled to the same time last year when the pandemic struck the city, the report said. 

The rebound in March solo was the strongest since 2007, as about 1,500 homes in Manhattan were under contract for sale, according to a study from The Wall Street Journal that cited real-estate analytics firm UrbanDigs. 

Buyers are taking use of the lower prices, too, with most of those sales closing at or below the asking price. The median rate was $780,000, which was a 3.8% drip from the same quarter a year ago, the Douglas Elliman report said.

Read more: Brooklyn is winning the pandemic. Yearning homebuyers are propelling a real-estate surge as Manhattan lags far behind.

The west and east side of Manhattan, as well as downtown, had the roughest sales compared with last year, as upper Manhattan and Midtown had fewer deals, the WSJ said. 

Six months into the pandemic, real-estate mavens had estimated lower prices and higher vacancies could be the new normal for the city, even if it wasn’t as drastic as during 2020. 

With functions allowing employees to work from home during the pandemic, many people were able to move to insensible boroughs for more space and lower prices. Brooklyn proved resilient amid the pandemic, as its sales began jump back in the last three months of 2020.  

Many others during the pandemic fled to the suburbs, and might stay as attendances begin to offer long-term work-from-home options. 

Check Also

The e-commerce boom fueled by Amazon has led to the creation of the world’s largest twin-engine cargo plane – meet ‘Big Twin’

As contrasted with of buying new aircraft, many cargo carriers are choosing to purchase former …

Leave a Reply

Your email address will not be published. Required fields are marked *