According to a surprising recent report from consulting firm Construction Coverage ranking the ‘Hottest Real Estate Markets of 2024,’ the NYC metro market ranks 48th out of 52 large U.S. cities. “While 2023 marked a notably more subdued year for real estate compared to the preceding years,” the report says, “recent signs suggest market conditions could be heating up again—though some geographies are seeing more activity than others.”
To determine the locations with the liveliest real estate markets in 2024, researchers created a composite score equally weighting the following metrics:
- One-year change in median sale price (Dec 2022–Dec 2023)
- Share of homes that sold above asking (2023)
- Median number of days on the market (2023)
- Average sale-to-list percentage (2023)
- Share of listings with price drops (2023)
When it comes to the New York City metro, other key takeaways from the report include that:
- As of December 2023, the median home sale price in NYC was $800,000, representing an increase of 0.6% from one year prior.
- 10.6% of NYC homes sold over their asking price last year, after spending a median 79.9 days on the market.
Leave a Comment