NYC Home Buying Back In 'Full Force' From Pandemic, Study Finds

NEW YORK CITY — A COVID-induced chill on New York City's home buying market is melting away by a spring warm up in home listings, according to a new study.

More sellers — 4,078 — listed their homes last month than any previous February on record, a StreetEasy analysis found.

Altogether, there were 16,622 homes for sale in February, StreetEasy found — a sign home shopping season is returning after two years of coronavirus fears.

“As the weather gets nicer, many sellers find it an opportunistic time to showcase their properties as the term ‘tree-lined street’ becomes a reality,” said Mike Biryla, a licensed real estate salesperson at Triplemint and a StreetEasy Expert, in a statement. “An increase in listings also brings an increase in buyers, so it’s very important to have a solid understanding of what matters most in your home search. That way, as more and more apartments come onto the market, you’ll be in the right position to move forward quickly and find the home of your dreams.”

The study found signs that the home buying market could grow even more.

Overall inventory for February was still 12.2 percent lower than the same month last year, the study found. That means inventory could expand, according to the study.

Sellers aren't yet offering price cuts, as the median asking price for homes in the city stayed level at $950,000, the study states. But it also found the median sale-to-list price reaction dropped to 90.0 percent.

"That means a home originally asking $1M sold for $909,000," the study states. "Although fewer sellers may be advertising price cuts, this data shows that buyers are still negotiating and getting lower prices before closing."

But some buyers and renters could face eye-opening prices, even for New York City.

Median home prices in Manhattan decreased in February, but still remained sky-high at $1.47 million, according to the study. Brooklyn prices increased to $928,000, which is 3.2 percent up from last year, and the largest annual increase since May 2018, the study states.

Rents in Manhattan reached a new median high of $3,800, which is 36 percent higher than last year, according to the study. And Brooklyn's median rents also reached a record — $2,800, or 16.7 percent higher than last February, the study states.

Read the full StreetEasy study here.