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Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

What is the average home price in Queens? 

If you’re flying into New York City, one of the first places you’ll encounter is most likely Queens. This New York City neighborhood features two of the largest airports that greet people in the area. So, if you’re looking to move to an area that’s the epitome of the New York City lifestyle, Queens is the place for you. Plus, Queens is rich with history and American icons. 

Finding a home in Queens can be pricier than looking at other big cities in the United States. Unfortunately, New York City is known for exorbitant prices whether you’re eating out or looking for a place to stay. The housing market in this area is no different from the rest of the higher living costs. However, you can balance this out by finding a job in New York City that pays enough to live comfortably. 

So, are you interested in finding a place to live in Queens but don’t know where to start? We will discuss the average home price in Queens based on location, size, and home features. Our guide can help you make a seamless move to New York City. 

How expensive is it to live in Queens? 

The reasons for getting a property in New York City are obvious. There are plenty of places to work, eat, and hang out in the city that never sleeps. You can get apartments, condos, townhouses, and penthouses when you live in Queens. There’s no limit to the type of investment properties you can find while looking through realtor listings. It’s also important to pay attention to the neighborhood you choose, so you and your family feel comfortable in your new home. 

The location of your Queens home can have a huge impact on how much you’ll pay for the purchase. For example, if you’re looking for a house that’s close to the action, then you’ll spend much more than a house on the outskirts of the city. Many people are looking for a house that’s within walking distance from New York’s finest attractions, or at least close to a subway station.

As of September 2023, the median sale price for homes in Queens is $478,000* but varies significantly based on the features that come with the home. For example, if you want to purchase an apartment that’s high up, so you have a beautiful view of the city, that will cost you more. Neighborhoods like Malba, Queensboro Hill and College Point, as well as Hunters Point, right across from Manhattan, are among the most expensive areas in Queens.

*Data from PropertyShark

What neighborhood should you live in? 

Whenever you choose a place to live in New York, it’s important to consider all of the neighborhoods in the area you’re interested in. The neighborhood you choose should be suitable to your home life and close to places you enjoy. For example, you might prioritize living in a neighborhood close to work over neighborhoods offering other features. 

Plenty of people live in Queens and seek the suburban lifestyle. Having a relaxing place to start a family is a great way to feel confident about life ventures. However, no matter where you live in Queens, there are plenty of ways to access the urban parts of NYC. So, you can enjoy the peace of living in a quiet neighborhood, like Forrest Hills, or choose a neighborhood close to Manhattan, like Astoria. 

The Queens neighborhood that works best for you depends on your financial situation and the places you visit most often. Astoria is one of the most popular neighborhoods in Queens because it’s the easiest way to access the big city parts of New York City. However, plenty of people prefer a quiet environment over convenience. Finding a property for sale in Queens is easy, depending on your neighborhood. 

What is the average price of a Queens penthouse? 

So, are you looking to buy a property in Queens? One of the most popular options for Queens real estate is the penthouses. You can enjoy the beautiful views offered by these penthouses as soon as you wake up in the morning. This type of property overlooks some of the most vibrant places in New York City and nearby. 

The median sales price in Queens for a penthouse fluctuates depending on the neighborhood. Some neighborhoods go for higher values than others in New York City, which isn’t too surprising. However, the most expensive Queens condo listed as of early 2023 was almost $5 million. They can get pricey depending on the features they offer, especially for luxury living. 

* Data from The Wall Street Journal

What is the average price of a Queens townhouse? 

Another popular way to enjoy living in Queens is to get a townhouse. People enjoy these types of properties because they can feel more traditional than other types of NYC properties. The amount you’ll spend on a Queens townhouse is usually around $752,000, but the price changes a lot depending on features and location. People feel comfortable living in a townhouse because it offers classic suburban living. 

What is the average price of a Queens condo or coop? 

People who value convenience over other aspects of Property buying love living in a condo. It’s common for condos to offer a local gym, meeting halls, and central locations. However, you can purchase a luxurious condo in Manhattan or one that has the bare minimum for your comfort level. The median cost for Queens real estate that surrounds condos is $685,000 as of September 2023, while the coop market started at around $293,000.

Summary 

So, are you ready to buy a property in Queens based on this information? There is no shortage of things to do in Queens, and you can reap the benefits of a suburban lifestyle. There are several neighborhoods you can choose from, and are our team of experts will gladly assist you with the decision. We are familiar with the Queens area and dedicated to helping our clients. Contact us today for a consultation so we can help you get the Queens real estate property of your dreams. 

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Why should you buy a house in New Rochelle? 

New Rochelle is a city located in Westchester County, New York. Its nickname is the ‘Queen City of Sound’, which gives homage to the vibrant and diverse community. It offers plenty of green spaces and all kinds of housing options.

This includes luxury apartments, villas, mansions, and so much more. If you are looking for a place to call home, New Rochelle could be what you’re looking for. Let’s take a look at some of the reasons why you should buy a house in New Rochelle.

Close proximity to New York City 

New Rochelle is situated 16 miles north of New York City, meaning that it is close to all kinds of cultural and economic opportunities. It offers a relaxed suburban lifestyle. 

If you are someone that loves the balance of hustle-bustle and peace-quiet, then you might be impressed with New Rochelle. Its rich history, local events, and festivals that go on throughout the year are also worth checking out.

Proving that you don’t always have to go to New York City to find something to do. You might find it just outside your front door in New Rochelle. Plus, if you’re looking to buy a house in New Rochelle, you’re in the right place.

Property values have appreciated in recent years 

If you are purchasing a property such as one of the many houses in New Rochelle, there’s good news. The property values here have appreciated in recent years. Thus, it would make for a great long-term investment. 

Westchester County as a whole has one of the highest median household incomes in the nation. Furthermore, it has a strong job market and plenty of excellent educational opportunities. The current median home value in September 2023 in New Rochelle is $675,000, which shows a 12% increase from last year.

Plenty of luxury apartments 

New Rochelle has seen a surge in new developments recently. This includes a large number of high-end apartment buildings and condos. Many of them boast excellent views of Long Island Sound and easy access to many of New Rochelle’s amenities.

Let’s not forget, you may also be within a short distance of public transit, including transportation options that can take you straight to New York City, other towns in Westchester County, and beyond. If you are a young professional looking for a place, luxury apartments in New Rochelle may be the best option.

Numerous houses

As such, there are plenty of options for those who prefer houses in New Rochelle. These include historic homes and modern new builds. The older homes in the city are either Colonial-style or Victorian.

These are charming homes with wrap-around porches, fireplaces, and stained glass windows. There are other homes with larger lots that will allow for much larger green space. The house you want may depend on the critical needs and preferences you may have.

One house may be suitable for one individual while another may be fitting for homeowners with families. There’s always something for almost everyone when it comes to houses. 

It has villas and mansions as well 

If you are looking for something a bit more high end, it’s possible to find an option among the many villas in New Rochelle. These properties include plenty of amenities including private pools, large gardens, and numerous bedrooms and bathrooms. 

The same can be said about the mansions in New Rochelle. You can find one in an exclusive neighborhood and get the best in seclusion and privacy. Whatever fulfills your personal needs and preferences, a villa or even a mansion may be something you’re looking for. 

You might find that luxury living might be right up your alley. There are plenty of options for you including the amenities that will fulfill all your preferred needs and wants. Don’t miss out on those opportunities. 

It’s got all kinds of transportation options

As mentioned, New Rochelle is one of the cities where you can easily access NYC and other areas. Metro-North Railroad and Amtrak are two rail transportation networks that run through New Rochelle.

Aside from NYC, you can also use the rail system to get to places within Westchester County and in neighboring Connecticut. Wherever you need to go, you can easily get there via New Rochelle. 

It should be noted that you’ll also be able to easily access the three major airports in the NYC metro area. All three airports (LaGuardia, Kennedy, and Newark) will offer domestic flights. However, if you are planning on traveling internationally, Kennedy and Newark are your options. 

Interstate 95 runs through New Rochelle. If you need to travel on a major highway, you will be able to easily hop on and get to where you need to go. With a robust transportation system, you can get to almost anywhere via New Rochelle. 

Summary

New Rochelle may be one of the best cities in Westchester County to call home. You’d be hard-pressed to find the home of your dreams anywhere else. With so many options to fit your budget, you’re bound to find something. 

Don’t miss out. Contact us today and discover what this vibrant city has to offer, whether you’re looking to buy a house in New Rochelle or explore other housing options. 

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What is the New York City real estate market like?

Even if you have never been there before, you are surely aware that there are few cities in the world like New York City. The biggest city in America is also one of the most beloved and recognized on all of Earth. From business to nightlife to culture to restaurants and more, New York City has it all.  

It is one of the most popular places in the world and that means that it has one of the most famous real estate markets too. The real estate market in New York City is known as a good barometer for the entire country and world. When real estate in New York City becomes more expensive, it often signals a trend that will impact other major cities worldwide.

There is a lot to know about buying real estate in New York City. It’s unlike any other city on Earth because of the various things you need to keep in mind. Just saying you want to move to New York City isn’t enough. You should know the location, type of residence, benefits, and more.

But investing your money in the New York City real estate market is almost always a good idea. It has pushed through some of the toughest world events ever – including over the last few years. This proves that, even in the worst of times, the New York City real estate market is strong and will always bounce back. The resilient New York City market is a compelling reason to consider investing in it, whether you seek a home for sale or apartments for sale. 

Let’s take a deeper look into the current state of the market in the city that never sleeps. Is now a good time to buy into New York City real estate, either as someone wanting to move there or someone wanting to invest? What other things should you be aware of when you are contemplating a move as big as this one? 

How much does it cost to buy into New York City Real Estate? 

According to UrbanDigs, Manhattan’s median home prices were down about 3.3% in the month of September 2023 compared to the previous year. The median sale price for a house in Manhattan was $1,152,066 and was on the market for about 75 days. The median sale price per square foot in Manhattan is $1,438, down 0.7% since last year. 

Brooklyn is seeing a different trend, with a per square foot of about $976 in September 2023, showing a 2.2% increase from last year. The median sale price also rose to $961,000, a 0.9% increase year-over-year.

The market is primed for someone, even a first time buyer, to make a mark on the New York City real estate market. With prices dropping, you will be able to spend less money. And with the amount of sales reaching a ten-year low, the market place is filled with locations that are ready to be grabbed up. It is important to note, however, that the supply of homes right now is historically low. 

From luxury apartments, single-family buildings, condo, townhouses, penthouses, and beyond, New York is ready to offer something at the lowest prices it’s had in ages.

Why should you buy homes in New York? 

Besides favorable pricing, there are numerous reasons to invest in the current New York City real estate market, not solely due to affordability.  

New York City is a cultural mecca that has something to offer just about anyone who moves there. Whether you’re a theater-goer, a business person, a family man or woman, or just someone trying to set off on your own and live your life, you will have plenty to do and enjoy in New York. This is one of the reasons why it’s the most populated city in all of America – people love living there. 

Here are just a few things that should convince you that moving to New York or buying property there is a great idea. 

The Location

It goes without saying but New York City truly is at the center of everything in many ways. 

New York City is home to Broadway, where the finest plays in the world are performed to adoring crowds. It is also the center of the business world, with many Fortune 500 companies making their homes in NYC. But beyond that, New York is a place where cultures from all over the world mix together and live in harmony. With this, you are able to witness events that you wouldn’t see anywhere else, try cuisine that is mouth-watering, and experience different world views.  

Plus, one of the best things about living in New York City is that you can enjoy these things from any part of it. Because of the great public transportation system in place, you can visit any part of the city with ease. 

The Resale Value 

Right now, the prices and demand for houses in New York City are at a low. However, it won’t always be that way. As it always does, the New York City real estate market will rebound and the prices will go up in time.  

That will help you in the long run because your resale value will grow in the next few years. A home that you buy now will be worth even more, and will garner you an even higher price point. For those who look to buy real estate as a smart investment choice, buying in New York City right now might be one of the smartest. 

The Strength of the Market 

New York City has been through a lot since its founding hundreds of years ago. From world wars, terrorist attacks, pandemics, and more, New York City and its real estate market has always stayed steady and held fast and then grew again. 

There are few cities that have proven their resilience like New York and few real estate markets like theirs too. Despite worsening market conditions in New York, the city’s strong history and evidence of resilience instill confidence.

Summary 

There are very few cities in the world like New York City. From the offerings of food, culture, public transportation, business, and more, there really is something for everyone in the Big Apple.  

The truth is that the New York City real estate market is going through a period of change. Some of the biggest indicators of the market are at decade lows, which raises the alarm for some people. Despite surface appearances, there’s a significant opportunity in the New York City market, particularly for investors.

If you feel that now is the right time for you to buy into New York, you should call upon our expert team at BARNES New York. From New York City and beyond, we know the most intricate and minute details that should be paid attention to. 

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Why should you buy an apartment in DUMBO?

DUMBO is a very popular and blossoming neighborhood in Brooklyn, and that means that the price of living there has gone up over the years. This guide will teach you everything you need to know if you want to buy an apartment in DUMBO. 

DUMBO has become one of the most popular parts of Brooklyn but it still remains a hidden treasure for many. In fact, many people in New York don’t even know where this region of town got its name from. 

The truth is that DUMBO stands for “Down Under the Manhattan Bridge Overpass.” The idea of living near one of the most popular and busy bridges in the country might not sound appealing to some, but it’s actually one of the best neighborhoods in town. That is why finding an apartment for sale in DUMBO or the act of buying a condo in DUMBO or buying a co-op in Dumbo is harder than ever for some.  

Once a best-kept secret, DUMBO has become more and more popular, especially over the last few years during the COVID-19 pandemic. But DUMBO isn’t the cheapest part of town, and demand for nearly any apartment, townhouse, or penthouse in the area has skyrocketed seemingly overnight. Therefore, you need to know what you’re getting into when you start house-hunting in this region. There are many things to keep in mind and look out for, which is true when you’re attempting to make a home in any part of Brooklyn. 

Let’s have a deeper look at all that DUMBO has to offer and why should you buy an apartment in DUMBO. It might have a somewhat silly name but there is nothing silly about how great this area is. 

How much does it cost to live in DUMBO? 

DUMBO was becoming increasingly more popular a few years ago but its popularity exploded during the COVID pandemic.  

That demand for this specific location has meant that the price of living has also gone up. The more people look to move to DUMBO, the more they are charged. It now costs more to live in DUMBO than it ever has before. 

According to UrbanDigs, the median sales price market-wide in DUMBO in August 2023 was $1.59M. Supply also showed a 22% decline compared to last year. The median rent for an apartment with one bedroom is about $5,150 a month. If you are looking for a two-bedroom place in DUMBO, you should expect to spend at least $6,800 a month. 

As you can see, the price of getting your foot in the door of DUMBO isn’t cheap. But that’s because there is just so much that makes this region great.  

Why buy in DUMBO? 

Living in DUMBO comes with many rewards. Firstly, you are sure to find a location that is both modern and vintage at the same time. It will be convenient, refurbished, and very trendy too. But there is more than just that that makes DUMBO a part of the city that you should pay attention to and invest your money in. 

Dining 

You will have no shortage of places to eat good meals and wet your whistle when you move to DUMBO. The River Cafe, for example, is high-end and stunning and has provided great dishes for more than 40 years. Ample Hills Creamery is not only a wonderful spot to enjoy some yummy treats but is also a museum too. And no self-respecting New Yorker can go long without a delicious slice of pizza like the type you can get at Juliana’s. 

One of the best things about the eateries in DUMBO is that they come with amazing views. Most of the restaurants in the area are just walking distance from the stunning, historic Brooklyn Bridge. 

Culture 

Like in all parts of Brooklyn, you will have great tastes of local culture when you move to DUMBO. The location has been blossoming lately with wonderful places for open mic nights, concerts, book readings, and so much more.  

In fact, there are a plethora of things to do in DUMBO and you will always have something fun and exciting on your schedule after moving to this part of town. And one of the best things about DUMBO is that most everything is within walking distance of wherever you are living. And when you are walking from one place to another, you will surely stumble upon countless other businesses and places that you want to visit soon.  

Shopping 

Since DUMBO is one of the hippest parts of town, there are a lot of great, small, fun, and unique shops that will keep you busy and happy. From the more high-end to the more quirky and fun, like Natchie, Glam Expressway, and more.  

No matter where you shop in DUMBO, you can be sure that you’ll be offered the latest and greatest in fashion and accessories. Additionally, if you are looking for businesses that are more well-known and familiar to you, you will also be in luck because DUMBO has a bunch of companies and brands that everyone loves as well.

Summary

DUMBO is now one of the most exciting and sought-after areas of Brooklyn. With that demand comes a high cost, which is all the more reason you should be sure that you’re getting the apartment, condo, or co-op of your dreams. You can do that by calling upon our team at BARNES New York if your dream is to buy an apartment in DUMBO. We have the experience, the expertise, and the skill to find you a home that feels unique and tailor-made for you.  

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In the Media – What type of housing do you find in New York? by BARNES

Recognized as one of the most dynamic cities in the world, New York attracts with the diversity of its neighborhoods and its multicultural dimension. For those who want to invest in New York, whether to buy a property to live there or to rent it out, it is important to know that there are several types of property: condominiums and co-ops are the most common, but not only! Discover what type of housing you can find in New York in BARNES’ article for the French American Chamber of Commerce.

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Can foreigners buy property in New York? 

New York City is one of the most attractive cities in the world, and millions look to call it home. Can a foreigner buy property in New York City? Our guide tells you yes and teaches what you need to know if you are making this big step. 

New York City is one of the most exciting and promising cities in the entire world. There are quite literally millions of people who move to New York from all over the world. There are a number of reasons that entice people to this major metropolis, from its cultural pulse, to its location on the East Coast, to its place at the center of commerce and entertainment. 

New York is so appealing, in fact, that many foreign-born people want to plant their flags in New York City and buy property there. But some people aren’t sure if there are taxes and rules related to that or if it’s even possible at all. Did you know that there are some countries and cities that don’t allow foreigners to buy real estate?

Many people wonder if foreigners can buy property in New York and the correct answer is, yes, they can. However, if you are someone not born in the United States, there are a few things you should know when you are buying an apartment in New York City. You should be well aware of the requirements you’ll need to meet, the documents you will need to have, and the sort of property that you can invest in.

Buying a property in New York City is possible if you’re a foreigner but you should be sure you know what you’re doing and what steps you need to take. Thankfully, our guide will teach you everything you need to know if you’re a foreign-born investor looking to break into the New York City real estate market.  

What does a foreigner need to buy a property in New York City? 

Not only can a foreigner buy property in New York City but many already have. In fact, there are countless foreign-born residents and foreign corporations that own much of the land and property in the Big Apple. However, there will be tax implications. The IRS (Internal Revenue Service) requires foreigners to pay US income taxes on any income in/from the United States.

If you wish to be one of the many foreigners who have invested in the New York City real estate market and buy property in the city that never sleeps, there are a few things you need to have access to before you can start the process. 

Depending on your type of investment (primary residence or rental investment), you will first need to determine the best legal structure for your real estate investment. You will also need a valid passport or proof of identity, a social security number or ITIN, bank statements and other financial documents from your foreign bank, and any evidence of fund, reserves, check stubs, tax returns, and/or a US credit score.

The higher that your credit rating is, the lower your initial down payment will be. Of course, some foreign-born residents might have a low or no credit score at all with no history in the US. If that is the case, there are still properties that you will be able to buy but you will have to consult with your real estate agent. Obtaining US financing is also possible, but you will need to get advice from our agents or a real estate attorney.

Everyone, foreign-born or not, will have to place a down payment on any property they are intending to buy with financing. The amount you will need to spend varies depending on the type of loan you are granted but it is usually around 20% of the home’s final purchase price. Keep in mind that if you make a larger down payment initially, you will have less money to pay off on the property over time. Because of this, some people look to have a larger down payment so they are not tied to their mortgage payments for so much longer.

If you are getting a mortgage, you might be requested to show a consistent, reliable form of income that is coming into your bank. Any lender will want to make sure that you can afford the property you are buying and that you can make your monthly mortgage payment too. Of course, buying cash is also a faster and easier option.

Foreigners can own the property under their own name or through a company. There are pros and cons for each option, depending on whether there is a mortgage involved, or the existence of a tax treaty between the United States and the foreigner’s country.

New York City Real Estate
New York City Building

How does a foreigner buy property in New York City? 

If a foreigner decides that they want to purchase New York City property, there are several steps that they will need to follow in order to make that happen.  

Firstly, they should find the neighborhood they are most attracted to. They should have their goals in mind. Do they want to settle down with a family? Are they looking to start a business? Do they need to be close to public transportation, schools, or other businesses? All of this needs to be put into consideration. Additionally, any potential buyer needs to think about the sort of housing they want to reside in and the amenities that they require with it.  

Finding the right real estate agent is yet another step that needs to be finished when a foreigner is looking to buy real estate in New York City. This agent will be able to tell the foreigner about trends in the industry, the best places to live depending on their needs, and all the documentation that is needed to purchase property.

Once the right property is found, an offer can be made. That entire part of the process will be handled by the real estate agent and an attorney, who will make sure that all the paperwork is done. 

Why should you buy New York City real estate? 

The reasons why a foreigner would want to buy property in New York City are numerous. For generations now, NYC has been one of the most exciting places to live in the entire world. 

New York City has a bunch of different cultures all living in one place. There are people who were born in many various parts of the world who now call New York City their home. That means that you will be able to meet new types of people, experience their ways of life, their food, and their customs.

Buying property in New York can also be a very smart investment because of the resale value of New York apartments, townhouses, condos, co-ops, and more. Buying an investment property in a resilient market like New York is a good option to diversify a real estate portfolio.  

New York is seen as the center of the world when it comes to entertainment, fashion, and business. If you or your family are interested in these things or tied to them in any way, New York will make you even more connected to the pulse of the nation and the latest trends. 

What type of New York City property can you buy?

The median price of a home in New York City is about $715,000, according to PropertyShark. That is a decrease of about 7.7% from last year. You have plenty of options when you are looking to invest in the city:

Condo: Any foreigner looking to buy property in New York should think about a condo. While they are built like very large, modern apartments, you actually have full ownership over a condo when you buy it and share certain common areas, such as parking and the gym.

Co-op: A co-op is perfect for people who want to invest long-term in a home and who know they will be located in NYC for a few years. With one of these types of properties, owners are able to share in the co-op association, and the shareholders own the building and all the units. Owning a co-op requires that you participate in the co-op board, which decides who is able to buy space, and renting out is usually not allowed.

Townhouse: A New York City townhouse is usually a two or three-story building that is very spacious and situated right next door to adjacent buildings. To many, it feels like an ultra-large, multi-story apartment that is tall and narrow. Townhouses are great investments and a wonderful choice for a foreigner but they also often come with a heftier price point.

Summary

New York City is one of the most beloved cities in the entire world and that is why so many people from all over Earth want to live there. The good news is that no matter where you were born, you can buy property in New York. But you just need to be aware of a few things and remember them as you start your hunt for your new place. Contact us at BARNES New York if you are a foreign-born resident looking to make the big move to the Big Apple. 

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In the Media – Williamsburg by LePetitJournal

Want to know more about Williamsburg, the trendy Brooklyn neighborhood?

Read this article by LePetitJournal, presenting the advantages of living in Williamsburg as well as a real estate overview of the neighborhood. This vibrant area offers a unique ambiance, proximity to Manhattan, green spaces, and numerous points of interest and amenities.

Read the article on LePetitJournal:

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What is the state of the real estate market in New Jersey?

Now is a great time to get invested in the state of the real estate market in New Jersey. For a number of reasons, this market has been growing over the years, and it offers a lot of great opportunities.

New Jersey became a part of the United States in 1787, making it one of the first states in the union and also one of the most popular from the very beginning. Over the years, the Garden State has only become more populated, and today it holds more than nine million people in it.

New Jersey holds a special place in American history as it was a part of the Revolutionary War, the Civil War, and the Industrial Revolution, Civil Rights movement, and so many other major moments in United States history. Today, a lot of people think of Jersey as simply the state that sits right next to New York, but there is so much more to Jersey.

There are so many great locations, parks, restaurants, businesses, and homes in New Jersey that it’s no surprise so many people are moving there year after year. It is always one of the most sought-after locations for people who are looking to move.

The real estate market in New Jersey is a subject of great attention and always has been. These days, New Jersey is booming and thriving and the market is full of life. If you are thinking of moving to New Jersey, there are certain things you should keep in mind. Buying into the real estate market is a major investment and you should know what you’re getting yourself into.

Our guide will teach you what you need to know about the present and future of the New Jersey real estate market. If you are thinking of planting your flag in New Jersey and buying a home, renting an apartment, finding a luxury penthouse, townhouse, or condo, you should pay attention to the current state of the market.

How much does it cost to buy a home in New Jersey?

If you are thinking of moving to New Jersey, you should be prepared to spend a good amount of money to live there. The market in Jersey is always pretty popular but lately it’s been growing more and more, year after year.

PropertyShark and the NJMLS estimates that the median sale price in New Jersey during Q1 2023 is $620,000, which is a four percent increase from last year. In fact, over the last five years, the New Jersey real estate market has climbed steadily. Of all the cities in the state, the ones that are growing the fastest in terms of pricing are Fort Lee, Sicklerville, East Orange, Ocean City, and North Bergen.

As you can see, buying a home in New Jersey isn’t cheap, although it isn’t as expensive as buying in New York, Connecticut and other states in that part of the country. That is one of the most appealing features of Jersey real estate, especially thanks to its proximity to New York City and easy transportation access to Manhattan by train or bus. And it’s also one of the reasons why so many people are always tuned in and paying attention to New Jersey real estate.

How is the New Jersey real estate market? 

Because of the success that seems to always find it, the New Jersey real estate market is doing quite well. In fact, it is doing better than many other neighboring states.

Houses on the market in New Jersey are usually sold about 80 days after their listing, which shows the great interest in this part of the country. There are also a smaller number of listing on the market, about 12% less than last year at the same period, driving more competition and bidding wars.  

The good news is that the prices aren’t increasing so much that other people aren’t able to move to New Jersey. This suggests that the market will only improve over the next few years because the pricing isn’t too astronomical to invite fresh New Jersey residents from all over the country. 

The increase in pricing shows that demand to move to New Jersey is still strong, and the market is doing very well.  

Summary

Over the last few years, New Jersey has become one of the most popular and sought-after real estate markets in the country and there is evidence to suggest that will continue in the years ahead. 

The market has been steadily climbing to new heights over the last five years, even with the COVID pandemic hobbling the industry and shutting down sales in many ways. As things become more normal, the economy improves, and New Jersey continues to be a popular state in America, you can expect to see the real estate business in New Jersey keep flourishing.

This means that now is a great time to get into New Jersey real estate. Whether you want to move to Jersey or buy a place as an investment, the present is the perfect time to get involved. If you are ready to do that, contact us at BARNES New York. We know the ins and outs of all real estate markets, including the luxury housing market in New Jersey. We are ready to help you take the next steps and find your new home.  

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BARNES New York at online showcase “Bien Vivre aux États-Unis”

BARNES New York will be participating in the online fair “Bien Vivre aux États-Unis”, organized by French Morning and presented by USAFrance Financials.

“Bien Vivre aux États-Unis” is the first digital fair dedicated to French expatriates in the United States, or preparing for expatriation, offering an entire week of conferences with experts to receive advices to live better in the United States, whether you are settled there for a long time or are still dreaming of living there.

All the most essential topics of expatriation will be touched upon, including immigration, family, business, heritage, health, immigration… but also the daily life of the expatriate, to give you the keys to live your expatriation as well as possible.

The fair will take place online from September 11th to the 15th, 2023. BARNES New York will be represented by Managing Partner Yann Rousseau, who will be presenting New York’s real estate market along with powerful insights on how to buy a property in the Big Apple, accompanied by expert guests, Betty Benzakein from HSBC and Amélie Deschênes from OFX.

Join BARNES New York on September 12th at 2pm EST/20h FR for a conference dedicated to the New York real estate market.

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In the Media – Westchester County by LePetitJournal

Want to know more about the beautiful, green county of Westchester?

Read this article by LePetitJournal, presenting the advantages of living in Westchester County as well as a real estate overview of the different cities. This vibrant area offers various villages and small cities with different living environments, a quieter suburban feeling with lush green sceneries and more space than in the city.

Read the article on LePetitJournal:

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