Housing Market

Based on various sources, the New York housing market in 2024 and 2025 is expected to experience a mix of stability and modest changes.

Home values are predicted to remain relatively stable, with only a minor fall of about 0.2% in 2024.
This stability, along with wage growth and less volatile mortgage rates, could benefit buyers, especially those finding affordability challenging​​.

The inventory of existing homes for sale is anticipated to drop by 14% in 2024 compared to the previous year, influenced by high mortgage rates​​.

Inflation is forecasted to be around 2.5% for 2024, with a decrease to 2.2% in 2025, which is closer to the Federal Reserve's target of 2%. There are, however, varying opinions, with some expecting inflation to average lower, around 1.8% from 2024 to 2027​​.

Home prices might see a decrease of 1% year-over-year during the second and third quarters of 2024, which would be the first notable decline since 2012, barring a brief period in the first half of 2023​​.

Over a longer-term horizon, there is an expectation of a price increase, with the median price of an average home in New York predicted to rise to 821,710 USD by 2029​​.

These predictions are influenced by broader economic factors, such as Federal Reserve interest rates, inflation, and other macroeconomic indicators, as well as market-specific dynamics like housing demand and supply.
However, unexpected global events, like wars or shifts in economic policy, can significantly impact these forecasts.