December 31, 2021, 11:40 a.m.Updated 1 hour ago
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This year has been a wild ride for real estate.
Home prices rose, rental prices rose, and inventory levels were low.
Kristie Reeter from News 12 took a deep dive into the current state of affairs as we head into the new year.
In a survey by News 12, the majority of viewers said they were considering moving in 2021.
“The New York real estate market, particularly around the New York City area, was scorching hot earlier this year, but it’s showing signs of slowing,” said Investopedia’s Caleb Silver.
Looking at year-over-year increases, Suffolk County has the largest increases in home prices, up 17% year-over-year. Next up is New York City at 13.2%, particularly in Manhattan and Brooklyn. Nassau County is up 11.2% and Westchester is only 10.2% year-over-year.
What are the prognoses for the new year?
“We don’t see a lot of new real estate listings, and we haven’t seen that in the past few months, inventory is very tight, but mortgage rates are likely to go up in the new year as interest rates go up. So I would expect that” home sales will be up slow down, and I would expect prices might not go down everywhere, but eventually they will go down, “says Silver.
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