New York City residential real estate hit a new high in April. According to StreetEasy, the median asking price increased 7.6 percent from the previous year across all five NYC boroughs. Last month, NYC reported the highest median asking price in almost five years, registering at $1.049 million.
A busy spring, as was predicted in early April, along with low inventory have fueled competition, ultimately driving prices up according to StreetEasy economist Kenny Lee. While inventory was considered low, it was still up 1.7 percent from April of last year with 17,680 homes listed for sale. Interestingly, April inventory levels, compared against those in 2019 for the same month, were significantly lower across the U.S. versus what we saw in NYC, where they were only 11% below inventory levels for that same period in 2019.
This just underscores what I stated before about strategically pricing your home. Your real estate broker should help you determine a sales price based on comparables sold in the neighborhood over the past six months, and what is currently active in your area. This will help improve your chance of receiving solid offers.
While summer is just a short few weeks away, we expect to see the spring momentum carry over into the months ahead. If you have questions or would like more information regarding pricing your home, please reach out. I’m happy to get on a call or meet with you in person.
Have a safe and wonderful Memorial Day weekend.