New York City’s real estate market is heading for a real shake-up next year according to StreetEasy’s 2019 housing market predictions. Fueling this uncertain future is rising interest rates and inventory, disruptive developments in transportation, and an expected influx of job seekers in the tech industry. Taking all of this into account, StreetEasy says that it still is a great time to be a buyer.
Their confidence comes from a record number of for-sale homes listed on StreetEasy in 2018, which shows no signs of slowing, as 2019 approaches. Prices and popularity of Queens will continue to rise rapidly due to the recent Amazon announcement, while renters should find Downtown Manhattan very attractive thanks to rates in outer-borough neighborhoods surpassing select Manhattan areas.
Grant Long, senior economist at StreetEasy, said that, “…the city’s ongoing economic growth means that there are still home shoppers willing to put money down on a good deal. But the market cooling that we’ll likely see in 2019 will motivate sellers to adjust asking prices to more realistic levels — giving buyers a great opportunity to be picky, negotiate and shop around for the right home.”
Everything isn’t perfect, however, as condo sellers need other buyers than the incoming wave of tech workers. While their salaries tend to be above the city median, these new tech employees hold no desire or even means to purchase multi-million dollar condos. In addition, rents across North Brooklyn continue falling as the L train closure gets closer. StreetEasy believes that rents have even more room to fall, as Williamsburg residents underestimate the inconvenience of this shutdown.
