AgentIndustry News

Zillow predicts New York-Northern New Jersey metro market to slightly increase year-over-year

Home values in NYC peaking, rents benefitting from low vacancy rates
  • NYC metro's median home value reached a new peak in December and should exceed $625,000 this year.
  • Rents recently rose year-over-year by more than 9 percent in seven NYC metro neighborhoods.
  • Manhattan and Brooklyn will see the highest volume of rental unit deliveries in the next three years.

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The New York-Northern New Jersey metro, which comprises more than 18.7 million people, will experience minimal year-over-year gains in home values and rents, according to a recent Zillow rent forecast. However, when only looking at the New York City metro, greater gains can be expected in the single-family/condo sector, as home values should continue to peak, the report says. In the multifamily sector, current vacancy rates signal the continuation of rising rents, especially within some specific borough neighborhoods. According to Zillow, home values in the New York-Northern New Jersey metro will increase by 1.3 percent during the next 11 months after rising by 1.8 percent from December 2014 to December 2015. Entering this year, Zillow had the metro's median home price at $381,200. [graphiq id="3Mw3nG0OGoZ" title="New York Metro, NY Profile" width="600" height="598" url="" link="" link_...