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