NYC Real Estate: Where Are Buyers Coming From? Shocking Trends Revealed!

NYC Real Estate: Who's Buying? Shocking Trends Revealed!

Buying a home in New York City is expensive, but out-of-state buyers are still making the move, though in smaller numbers than a decade ago. A recent study by PropertyShark reveals some interesting shifts in the buyer landscape.

New Jersey: While Garden State residents remain the top out-of-state buyers, their numbers have significantly dropped. In the first half of 2024, they closed on 345 homes, a stark contrast to the 487 sales in 2014.

California: Californians have overtaken Floridians to become the second most active out-of-state buyers, purchasing 244 homes in 2024, a considerable increase from 175 in 2014.

International Buyers: The number of international sales has dramatically decreased, plummeting from 178 in 2014 to just 41 in 2024.

In-State Buyers: Unsurprisingly, in-state buyers account for the majority of home purchases. Queens residents bought the most homes in 2024, followed by Brooklyn, Manhattan, and Staten Island. Notably, the Bronx saw an increase in activity compared to 2014.

Beyond the City: Outside of NYC, buyers from Nassau County lead the pack, followed by Westchester and Suffolk counties.

Key Takeaways:

• New Jersey buyers are pulling back, while California residents are stepping up.
• International sales have significantly declined.
• In-state buyers remain the dominant force, with Queens leading the charge.

Stay tuned for more updates on the ever-evolving NYC real estate market!