In this article, we’ll examine the Staten Island and Connecticut real estate markets. We’ll also talk about the trends in the New York City housing market. We’ll look at the MLS data for Staten Island homes for sale, as well as the trends in the housing market in Connecticut. In this article, we’ll discuss the most important aspects of these markets, including how to find the right home for you.
Real estate trends
With the economy still struggling, the housing market is in flux. The COVID-19 pandemic and ongoing economic downturn are all factors that are affecting the industry. Nevertheless, the sector is expected to bounce back within the next few years, aided by a rising homeownership rate and the Millennial demographic. However, some sectors are not comfortable with these changes, citing a housing crash as one of their major concerns.
The real estate industry has embraced technology over the past several years. It is expected to continue adopting new technologies in the coming years, including smart home tech and online home selling platforms. The number of start-up companies servicing the real estate sector will continue to rise as well. Many of these high-tech companies focus on improving the overall process and making the transaction quicker and easier.
New York City housing market
The New York City housing market continues to rebound with some investors now looking past the aftershocks of the recent pandemic to a more bullish future. According to a recent Douglas Elliman report, the homes for sale in 46033 third quarter saw more Manhattan condo sales than it had in more than three decades. With the rising cost of living, some investors may wish to consider avoiding the city’s real estate market for now.
The winter and early spring seasons are traditionally slow months for new leases. The warmer months catch a large contingent of college students and families with children who are eager to move to a new place. However, the city is bucking that trend in the first quarter of 2021. In that month, the median net-effective rent in Manhattan climbed 21%, but still fell short of the pre-pandemic record of $3,540 in April of 2020.
Staten Island MLS data
The Staten Island real estate market continues to experience a squeeze, with prices on the rise and depleted inventory. As a result, many buyers are finding it difficult to find the perfect home. Despite the challenges, the housing market on Staten Island is still improving. In June, the median sales price was $685,000. At the same time, the average days on the market were down 34 percent to 53 days.
The Staten Island Multiple Listing Service offers real estate listing data under the Internet Data Exchange program. This data is available for personal, non-commercial use. However, you should note that the data from the MLS service is not guaranteed to be accurate. This is why you should always conduct an independent verification of the data.
Connecticut real estate market
The Connecticut real estate market is experiencing a significant shortage of newly built homes. Home values are reaching new highs every month, while the inventory remains low. This means that the demand for Connecticut real estate will continue to push home values upwards for years to come. The supply of newly built homes is being suppressed by higher interest rates, limited labor availability, and tight supply chains.
In the past two years, the Connecticut real estate market has seen a surge in home value. Although the market is still behind the national trend, prices have increased at an unprecedented rate. The low inventory and high competition have caused Connecticut home values to jump nearly 20 percent year over year. This is more than four times the increase during the previous decade. Meanwhile, the national median home price rose just 17.7% in the past 12 months.