New York City’s housing market is defying national trends, staying red-hot despite soaring prices and higher mortgage rates.
Ty Byrd, a Licensed Associate Real Estate Broker, having 26 years of Experience in the Real Estate industry, says strong demand, rising rents, and steady interest in neighborhoods like Manhattan, Greenpoint, and the Bronx are keeping the city’s market competitive.
Talking to NYC Empires, he noted that the Manhattan market has been strong for the past two years, with demand showing little sign of cooling. “Prices are high, yes, but New York City has always been expensive,” he said.
“Last year, rents jumped 17% year-over-year, and the city continues to attract high earners. It’s not like the rest of the country.”
Even though many New Yorkers complain about affordability, the combination of steady demand and a limited housing supply is keeping the market competitive, he added.
“People are busy in Manhattan, the demand is steady, and prices have not come down enough to slow things down,” Byrd explained.
Ty Byrd knows New York City like the back of his hand. From the bustling streets of Manhattan to the vibrant neighborhoods of Brooklyn, Queens, the Bronx, and Staten Island, Byrd understands the unique character and opportunities in each borough. His in-depth knowledge of the city helps buyers, sellers, and investors navigate the complex NYC real estate market with confidence.
Whether it’s finding a hidden gem in Queens or understanding the latest trends in Manhattan, Byrd’s expertise spans the entire city.
Talking about the biggest opportunities in the city, he pointed to both Brooklyn and the Bronx. “Greenpoint in Brooklyn is very hot right now. But if you’re looking for a longer-term opportunity, the Bronx is where I’d place my bet,” he said.
For those seeking to enter the market, he said that patience is important. Buyers should allow themselves a window of three to six months to find the perfect home, the expert said.
“Just be prepared to make a competitive offer,” he said.
He also suggested that, when possible, renters should live in a neighborhood before buying there. “That advice applies to any market,” he added.
Strong interest rates have cooled housing in many parts of the U.S. In New York City, however, that’s simply not the case. Strong demand, rising wages and the city’s international appeal have all helped to buoy its market even as it grapples with affordability woes, he said.
Author Profile
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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