Out-of-State Buyers Surge in NYC Real Estate Market, Sparking Unprecedented Demand and Investment Opportunities..
According to a recent report, out-of-staters are buying more NYC real estate than in years past. Data from PropertyShark shows that only 77% of homes sold in the first half of 2024 were purchased by New Yorkers, down from 81% a decade ago. This trend highlights a significant shift in the city’s housing market.
As of August 16, 2024, over 10% of homes in New York City are now sold to buyers from outside the state. Notably, buyers from New Jersey, California, and Florida make up nearly half of these transactions.
Key takeaways:
- Non-New Yorkers purchased 10% of NYC homes in 2024.
- New Jersey, California, and Florida lead in out-of-state buyers.
- Foreign buyers’ share has significantly decreased.
- Upstate New Yorkers also contribute to home purchases.
Out-of-State Buyers Are Shaping the New York City Real Estate Market
The latest PropertyShark report reveals that the landscape of NYC real estate is changing. In the first half of 2024, only 77% of homes sold were bought by New Yorkers. This marks a decline from 81% a decade ago. The report indicates that more than 10% of homes are now sold to buyers from other states, with significant contributions from New Jersey, California, and Florida.
Key States Driving NYC Real Estate Purchases
As out-of-state buyers increase their presence in New York City, certain states stand out. The report highlights that nearly half of the non-New Yorker buyers come from just three states:
- New Jersey
- California
- Florida
Interestingly, North Carolinians have increased their purchases elevenfold, while buyers from Nevada have also surged significantly.
Decline of Foreign Buyers in NYC Real Estate Market
The report notes a significant decline in foreign buyers in New York City. In 2014, one in ten out-of-state sales were to international buyers. By 2024, this number has dropped to just one in fifty. This shift indicates that local and out-of-state investors are taking the lead in the market.
Local Buyers from Upstate New York Are Still Active
Despite the rise of out-of-state buyers, local residents from upstate New York and Long Island continue to play a crucial role in the market. Nearly 10% of homes in NYC were purchased by buyers from these areas, showing that New Yorkers are still actively investing in their city.
