New York Real Estate Market Remains Strong Despite Pandemic

As the president of Better Living Properties in New York, Ariel Soudry has over twenty years’ experience in real estate management. Better Living Properties operates in Brooklyn, Manhattan, and other areas of New York City. Born and raised in Brooklyn, Ariel Soudry has worked in the real estate industry in various capacities and gained valuable insights into the working of the markets.

Although real estate capital markets across the US have settled, analysts anticipate overall property prices in 2021 to fall by from 5 to 10 per cent for several years as the effects of COVID-19 curtail income. Single homes, industrial properties, and data centers are anticipated to rise in value, while hospitality and retail will likely experience the most significant decline. The country’s real estate sector's long-term outlook will likely hinge on how the nation reigns in COVID-19.

In spite of the national trend, the housing market in New York City is one of the most competitive and high-priced in the country. In June 2021, inventory in New York City remained low, with only 42,598 housing units available. This marked a 21 percent reduction from the 53,939 recorded in June 2020, and was the 19th straight month that New York recorded falling inventories.