Deep Dive: Real estate market in New York showing signs of slowing
This year was a wild ride for real estate.
Home prices were up, rent prices were up and inventory was low.
News 12's Kristie Reeter took a deep dive to see where things stand now as we head into the new year.
In a News 12 poll, the majority of viewers said they thought about moving in 2021.
"The real estate market in New York, especially around New York City, had been red hot earlier in the year, but it is showing signs of slowing," says Caleb Silver, with Investopedia.
When looking at year over year gains, Suffolk County has the most gains in home prices, up 17% year over year. New York City is next up with 13.2%, especially in Manhattan and Brooklyn. Nassau County is up 11.2%, and Westchester is only up 10.2% year over year.
What are the projections heading into the new year?
"We are not seeing a lot of new home listings, and we haven't for the past couple of months, inventory is super tight, yet mortgage rates are probably going to rise into the new year as interest rates rise. So I would expect home sales to slow, and I would expect prices to come down maybe not everywhere but they are going to start sliding eventually," says Silver.