Real Estate Market Corrections: Except For Staten Island, Which Saw Gains Or Flat Value, Some Homeowners In NYC Losing $223 Per Day In Market Value Over Last Year

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In the American housing market, homeowners are facing big financial challenges in this last year.

The data speaks volumes: single-family homeowners losing up to $223 daily, totaling $81,250 in a year, while  owners grapple with losses of up to $122,500. But this isn’t an isolated issue; market corrections are impacting numerous locations: Both condo and single-family homeowners in 15 major cities experienced substantial year-over-year losses in home value 

Our study also includes data on New York City and its boroughs, and I’ve compiled some highlights for you.

Condo Prices in Staten Island Rise: While single-family homeowners didn’t see any change in property value over the past year, the median price of a condo in Staten Island jumped 19.2%, which translates to a significant $72,500 bump in value for the typical owner in the area.

Manhattan Condo Owners Hit Hard: The median condo in NYC’s coolest borough lost a not-so-cool $68,288 in value, meaning owners who bought last year would simply lose money if forced to sell today.

Bronx Faces Declining Prices:  Owners in the Bronx can’t get it right. Whether they bought a single-family home or a condo, they have seen their property values plunge. Single-family homeowners in particular are feeling the pinch, with losses exceeding $38,000.

Single-Family Home Downturn in Queens: The borough witnessed a 4% drop in median prices for single-family homes and, while this percentage might seem modest, it translates to a significant -$30,000 for those who would need to sell today

To view the full data and study, follow this link.
Banner Image: Money pit. Image Credit – Simon Hurry

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Andra Hopulele

With a passion for all things real estate and home design, Andra covers the impact of housing issues on our everyday lives. She writes about the financial implications of the new generations entering the housing market and about the challenges of homeownership. Andra can be reached at [email protected]

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