Reported about 10 hours ago
With a housing shortage and ongoing high interest rates, NYC’s residential real estate market is expected to rebound, with overall property values anticipated to increase by 5.7% to $1.6 trillion in the upcoming fiscal year. Notably, co-ops, condos, and rental apartments are projected to see a 7.3% rise, driven by a surge in rents post-COVID-19. Brooklyn is expected to lead this increase with a 9.4% rise in market values, while single-family homes may also see a 6% uptick, reflecting positive trends in the city's property market.
Source: YAHOO