These New York Areas Will Become Unaffordable In Less Than 10 Years

DEBARYLIFE – Most potential homebuyers in New York find it difficult to afford a home due to high mortgage rates, rising property values, and a shortage of available homes. Certain regions of the state are seeing a decline in home prices, but not all of them.

As per Forbes, buyers were competitive because of the low availability in many towns, particularly those in cheaper markets. As a result, there was an increase in property prices during the second quarter of 2023 in almost half of New York’s counties.

The Empire State’s home prices are more than $100,000 higher than the $433,558 national median sales price, according to data from real estate agency Redfin. In April 2024, the average sales price throughout the state was $541,700, indicating a 5.5% yearly rise.

As of April 2024, Redfin lists the ten New York regions with the state’s fastest-growing sales prices.

1. Ramapo: 86.2 percent
2. Plains: 79.7%.
3. 64.8% in New Rochelle
4. Penfield: 53.0%
5. Yonkers: 52.5 percent

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6. Ridge: 34.3 percent
7. Troy, 33.5%
8. Coram: 32.2 percent
9. 29.4% at Niagara Falls
10. Dix Hills ranking: 28.5%

According to Forbes, buyers are now more reluctant to enter the market, and some homeowners are even holding onto their properties longer and waiting for the market to improve before making a sale. Home sales are declining as a result, although this trend might not last.

While house sales are down throughout the state, according to Jeffrey Decatur, a licensed broker associate with RE/MAX Capital, “the market is still very active and healthy,” as Forbes noted.

In response to the dearth of available existing homes, more purchasers are now entering the new construction market. But as long as home demand is rising faster than supply, there probably won’t be any significant adjustments to the market.

According to Rick Sharga, the founder, and CEO of CJ Patrick Company, a market research and business consultancy organization, “I don’t expect to see a meaningful increase in the supply of existing homes for sale until mortgage rates are back down in the low 5% range, so probably not in 2024.”