You'd think NYC would reach a point where the market wouldn't bear any more price increases, but we're not there yet.

I see home prices in Dallas are down by about 10% from peak.

unsustainable. and should be unconscionable. almost every pressing social problem can be traced back to the lack of housing supply (of course, some traces are looser than others)

This is not surprising at all. Gold is up 23% year to date priced in dollars. The euro is up about 10% year to date.

A commensurate rise in real estate prices for arguably the most international city in the USA seems logical.

This is YoY Q1 for NYC. I’d be curious whether this holds for the first half of the year. Likely no. Bay Area prices are also expected to fall due to market volatility.

I think the reason for this is pretty intuitive: more expensive (NYC/Bay Area) homes are purchased by high income people. And higher incomes are more affected by the stock market because high comps are composed of higher % stock. Someone making 200k might have 20% stock. Someone making 600k might have 50% stock. So a 10% drop in stock market costs the first person 2% of their comp and the second person 5% of their comp.

The question is whenever it is more than inflation or less, averaged out since the last few years.

Of course the other major effect seen worldwide is that people naturally concentrate in bigger cities and the countryside is dying out.

Clearly the congestion pricing has amazing side effects as people now enjoy living in the city even more! /s

On a serious note, the dollar lost about 10% of valuation, and GDP is contracting .3% in Q1.

How this relates to property valuations isn't clear to me, but you can't say this is an apples to (big) apples comparison from the past year either.

I wonder how NYC would look like if it were managed by Singapore.

Real estate is local. Hard to conclude much from a single (desirable) area.

Scroll down to the two tables at the bottom in this link to compare metro areas:

https://www.realtor.com/research/march-2025-data/

Sure, NYC metro is up 10%, but the median price ($780k) is still far from LA/Orange County (an eye-watering $1.2 M median) and San Jose/Sunnyvale at $1.4 M.

Cleveland and Buffalo are at ~$250k median though...and they are technically "coastal" cities :)

I remember all the hype during Covid about falling home prices in metro areas like SF and NYC. Sure enough, as I suspected, it would prove temporary. Good news for those who held or bought, bad news for those looking to buy or need to rent.

I'm surprised they're rising given NYC is an 'international' city and wealthy foreigners seem to be leaving the US.

Going back to December it was widely believe that Trump's administration would usher in a bonanza of merge and acquisition activity, an area that has run quite cool during Biden's term. For many people M&A activity is also spelt b-o-n-u-s-e-s so I guess some of this is people spending a bonus they don't yet have and, as things have turned out, won't be getting, at least in the foreseeable.

Mark my words, the lower Hudson valley is the number one place on earth I would be buying real estate right now if possible. Best public transit in the entire country; you can be at Grand Central in an hour flat, trains run every 30 minutes all day. And homes are still attainable by normal human beings (~$500k gets you something nice in a decent area). Completely slept on region atm.

The rents are also way out of control. The city is the best place on earth

NYC area real estate certainly isn’t cheap, but compared to the insanity on the west coast there’s a lot to like. NYC has really bounced back after COVID and is a real hub of activity again. Folks want to be a part of that.

Also the second home market for NYC is strong. Having a place in the city is a status symbol for many. Nobody cares if you have an apartment in the Bay Area or other cities with expensive property but lots of folks want a “small place” to spend weekends in NYC.

That all also keeps prices rising. Not saying it’s good, but betting against NYC real estate is not advisable.

Maybe it’s rising more than other areas in the U.S. at the moment and that is the news?

From my anecdata, homes in many suburban areas of southern states are up 70% from 2020 whereas in NYC the rise is about 20% (co-ops) resales (existing housing inventory).

I was watching a YouTube video reporting that more wealthy individuals are moving into NYC, driving up prices. As a result, they’re now competing for housing that was traditionally affordable for the middle class.

Interesting given NYC's population still hasn't recovered from its early 2020 high [0], rent and home prices keep rising (and fast). There are many reasons discussed here: pied-a-terre's, foreign investors, lack of new construction and inventory at affordable levels contributing to low vacancy [1] but still hard to fathom at a naive supply and demand level, shouldn't ~300k less people and several new residential buildings finishing construction in the past few years contribute to lower not higher prices? [2]

[0] https://www.nytimes.com/2025/03/13/nyregion/nyc-population-2...

[1] https://www.nyc.gov/site/hpd/news/007-24/new-york-city-s-vac...

[2] https://s-media.nyc.gov/agencies/dcp/assets/files/pdf/data-t... (page 3)

I think the headline is pretty misleading and meaningless. The 10% median increase across the city is pretty useless as a statistic. For instance the median by neighborhood is widely different! the median in Manhattan as a whole is double the median of the city see the map in the article to realize that NYC market is a collection of sub-markets with their own dynamics and type of property mix the price per sqft is widely different between townhouses, condos, coops, new construction, gut reno, etc

Let take this example from the article: "Carroll Gardens — traditionally one of Brooklyn’s most expensive neighborhoods — was conspicuously absent from top 10 rankings at the start of the year. Claiming #4 with a $2.79 million median sale price in Q1 2024, Carroll Gardens’ median sale price was halved to just $1.38 million". I know pretty well this neighborhood and the market there and this is not the actual case that overall prices in Carrol Gardens halved (even if the median price over the Q1 transactions halved)! It's just probably the type of property sold in Q1 that changed, the market is made of townhouses and new developments of condos and also some coops, the mix of sales in a given quarter is very far from homogeneous.

The article goes on to say essentially the same thing: "Among these was the whopping 145% price surge in Madison that lifted the neighborhood from last year’s #104 to its current spot at #25. This came as Madison went from $510,000 a year ago to the current $1.25 million median sale price due to a significant shift in its sold-property mix." Pretty sure median transaction prices in Madison Brooklyn will collapse by nearly 50% next quarter once the transaction property mix will change again...