New York, NY 10457 housing market

What this means

• Valuation. Prices are 34% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are up 6.7% over the past year (U.S.: +1.2%), but still 8% below their 2022-23 peak.
• Supply. Listings are 11% below the 2017-19 norm and falling (−13% vs. a year ago), still somewhat tight.
• Negotiating. Buyer leverage is moderate (48/100; U.S.: 54): homes sell for about 0.2% below their final list price; 24% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 89% of the median household income (U.S.: 35%); it takes about $127k a year to keep the payment at 30% of gross pay. That includes about $2,070 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $780/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $72 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. Leaning up: likely −6% to +10% over the next 12 months (71% chance of a rise).

Next 12 months

Leaning up

Prices are more likely to rise than fall over the next year. Likely change: −5.9% to +10.4% (80% range; middle estimate +3.4%), chance of a rise 71%, of a 5%+ drop 11%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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