Zillow Metro Median Sale Price Per Square Foot in New York for New Construction Homes - (Jan to Nov 2023)

New York‘s Metro Area Real Estate Market Sees Varied Trends in 2023

The real estate market in New York’s metropolitan area witnessed dynamic fluctuations throughout 2023, as reflected in the median sale price per square foot for newly constructed houses. Analyzing data from Zillow, the market displayed intriguing trends, with highs and lows and varying monthly percentage changes, shedding light on the evolving dynamics of the region’s housing sector.

Monthly Trends and Analysis:

Starting in January, the median sale price per square foot stood at $375.03, indicating a solid foundation for the year ahead. However, February witnessed a notable increase to $389.99, signifying an upward momentum in the market sentiment, with a percentage change of approximately 4.00%. March saw the peak of the year, with a striking surge to $473.09, showcasing a substantial percentage increase of about 21.33% compared to the previous month. This surge possibly reflects heightened demand or new construction developments driving up prices.

As the year progressed, April marked a slight decline to $425.59, illustrating a 10.00% decrease from March. The trend continued in May, with the median price per square foot dropping to $403.79, indicating a 5.13% decrease from the previous month. These declines could signify a seasonal adjustment or a stabilization period after the significant surge witnessed in the earlier months.

The market demonstrated resilience in June, rebounding to $436.77, reflecting a renewed investor confidence or perhaps new market dynamics at play. July and August maintained stability with median prices hovering around the $413 mark, suggesting a period of consolidation in the market. However, September saw a dip to $408.09, marking the lowest point of the year, with a 1.38% decrease from the previous month.

October brought a slight uptick to $409.11, indicating a marginal recovery from the September lows. Finally, November closed the year on a positive note, with the median sale price per square foot reaching $423.33, showcasing a 3.48% increase from October. This closing figure suggests a promising outlook for the market heading into the next year.

The real estate market in New York’s metro area exhibited a mix of highs and lows in 2023, reflecting the dynamic nature of the industry. From significant surges to minor declines, the market demonstrated resilience and adaptability in response to various economic and market factors. As investors and homeowners navigate the evolving landscape, understanding these trends provides valuable insights for informed decision-making in the real estate sector.

Monthly Median Sale Price Per SF (US$) for Newly Built Houses in New York (January 2023 to November 2023)

| Month | Median Sale Price Per SF (US$) |
|———-|———————————|
| January | 375.03 |
| February | 389.99 |
| March | 473.09 |
| April | 425.59 |
| May | 403.79 |
| June | 436.77 |
| July | 413.29 |
| August | 413.14 |
| September| 408.09 |
| October | 409.11 |
| November | 423.33 |

Analysis:

1. Trends and Relationships:

– Overall, there is an increasing trend in the median sale price per square foot from January to March, followed by a slight decrease in April, May, and September, and then another increase in June and November.
– The highest median sale price per square foot was recorded in March (US$473.09), while the lowest was in September (US$408.09).
– There are fluctuations in the median sale price per square foot throughout the year, indicating potential seasonal or market-driven influences.

2. Monthly Percentage Changes:

– February: ((389.99 – 375.03) / 375.03) * 100 ≈ 4.00%
– March: ((473.09 – 389.99) / 389.99) * 100 ≈ 21.33%
– April: ((425.59 – 473.09) / 473.09) * 100 ≈ -10.00%
– May: ((403.79 – 425.59) / 425.59) * 100 ≈ -5.13%
– June: ((436.77 – 403.79) / 403.79) * 100 ≈ 8.15%
– July: ((413.29 – 436.77) / 436.77) * 100 ≈ -5.37%
– August: ((413.14 – 413.29) / 413.29) * 100 ≈ -0.04%
– September: ((408.09 – 413.14) / 413.14) * 100 ≈ -1.22%
– October: ((409.11 – 408.09) / 408.09) * 100 ≈ 0.25%
– November: ((423.33 – 409.11) / 409.11) * 100 ≈ 3.47%

3. Closing and Ending Figures:

– Starting from January at $375.03, the median sale price per square foot reached its peak in March at $473.09 and then decreased to $423.33 by November, indicating an overall upward trend with fluctuations throughout the year.