One of single largest expenses in our modern lives is housing. Whether you are looking for a single family home, a condominium, or an apartment, you may have noticed that prices are rising nearly everywhere. One of the hardest hit sectors of the economy was housing and development, and prices fell to new lows in 2008 and 2009. As the economic recovery takes hold, however, prices are once again starting to rise.
In certain cities, housing has been virtually unaffected because of constant development and business growth. For example, the hundreds of startups and tech companies in the Silicon Valley area has led to thousands of new families moving in, and some neighborhoods are experiencing housing shortages. This spike in demand without an accompanying increase in the housing supply has led to very high prices. Some are even saying that this is a new bubble that could burst in the next few years.
Similarly, New York is a hotbed of new development, and more people are attracted to the region because of business growth. Consequently, New York City real estate prices are increasing. This is good news for New Yorkers looking to sell their homes, but it means that the market is now tilted against buyers.
New York real estate is valuable because the city is the economic capital of the United States. Businesses from banks to design firms and consultancy agencies have major offices in New York, and they are now growing again. These businesses attract new people to the area, driving up demand for housing. In addition, the city has limited space for growth, so there is a gap between the demand and the supply of homes and apartments, creating higher prices.
Overall, New York real estate prices are on the rise. This trend is similar to the price growth seen in other major cities, and it signals local economic recovery. The market has been getting better, and people who are looking for New York real estate should look to buy soon before the prices become unaffordable.