The housing market in the New York-Newark-Jersey City, NY Metro Area is quite impressive with the median value being $636,200 which is almost double that of the average across the US with a median value of $338,100. This reflects the strong demand for real estate in this area and also demonstrates that house prices have continued to increase year on year with appreciation rates of 10.57%, higher than the US average of 8.27%. Alongside this growing trend, there is also an increasing number of buyers looking at these properties which ensures that demand will remain high and prices will continue to rise.
The median home cost in New York-Newark-Jersey City Metro Area is $636,200. Home appreciation the last 10 years has been 68.5%. Home Appreciation in New York-Newark-Jersey City Metro Area is up 10.9%.
Average Age of Homes
- The median age of New York-Newark-Jersey City Metro Area real estate is 59 years old
The Rental Market in New York-Newark-Jersey City Metro Area
- Renters make up 43.5% of the New York-Newark-Jersey City Metro Area population
- 1.6% of houses and apartments in New York-Newark-Jersey City Metro Area, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.