According to new data from real estate website PropertyShark, the rate of non-New Yorkers purchasing property in the Big Apple is on the rise.
In a report released this month and titled “Buying NYC Then & Now: Tracking Out-of-State & Local Buyers in 2024 vs. 2014,” the company found, among other key findings, that NYC residents bought only 77% of homes sold in the first half of 2024 — down from 81% a decade ago.
In fact, today more than one in 10 homes in the boroughs are sold to buyers who hail from beyond the Empire State. Of the out-of-state buyers, nearly half are residents of three states: New Jersey, California or Florida.
New Yorkers from upstate and Long Island also composed a significant portion of buyers. “Nearly 1 in 10 NYC homes were purchased by in-state buyers from outside NYC,” Property Shark noted.
At the same time as NYC residents’ portion of home purchases diminished, so did the number of buyers from New Jersey.
North Carolinians, meanwhile, have increased the amount of borough real estate they’re buying elevenfold, and Nevadans tenfold. And Alaskans purchased the least property in NYC, with a wee 0.05% of out-of-state buyers hailing from the Last Frontier.
Interestingly, the amount of foreign buyers was also notably teensy and even smaller than it was previously found to be. While one in 10 out-of-state sales in 2014 were to international entities, just one in 50 were found to be in 2024.
“Their spot has been taken over by investors [and] home buyers from other states,” PropertyShark senior writer and report author Eliza Theis told Gothamist.
As for the most active in-state buyers from beyond the boroughs, that award goes to Nassau County residents, with Westchester homeowners taking the silver and Suffolk county denizens the bronze.
https://nypost.com/2024/08/16/real-estate/out-of-staters-are-buying-more-nyc-real-estate-report/
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