Real estate is all about location. So, tell me something I don’t know! Well, it may be about location, but the dynamics and the market demands of the way we look at various market niches is going to change. Granted, the low inventory, the high prices and the high interest rates are reconfiguring what’s affordable, what is reasonable and what is realistic.
As Manhattan rents cross the $4,100-a-month threshold, and demand continues to support higher levels, renters are being forced to look elsewhere, now that Brooklyn is almost as out of reach as Manhattan.
Corcoran, the real estate agency, reported that the median rent in Brooklyn was now $4,100 in June 2024. This reflects an 8% increase year-over-year. So, what is the future for renters and homeowners?
Everyone has to live somewhere, and, since the hybrid business model is now a reality, those employees who are able to move further away from the classic urban business centers are doing so.
The website realtor.com reported recently that one of the hottest markets in the Northeast was Hartford, Connecticut. Its unique proximity to both Boston and New York City makes it an ideal midpoint for first-time home buyers to dip their toe into the real estate market. In Hartford, according to realtor.com the median home price is now $450,000. Whereas in New York City, the median home price is $825,000, almost double of Harford.
These shadow urban markets are coming alive: since New Haven – Milford, Connecticut came in at #9 and the Worcester- Massachusetts, Connecticut region at #12, and Bridgeport- Stafford-Norwalk, Connecticut came in #13 and Norwich-New London came in #19. So out of the five hottest real estate markets in the country, the state of Connecticut claimed five.
It has been noted that another element to these markets that makes them attractive is their quality education systems and also the green space element for all of these markets.
Talk about freaky pricing: realtor.com noted that Manchester, New Hampshire, which is just an hour from Boston reported median home prices of $598,000 – that’s over $100,000 more than the median price of a home in the nation.
As long as prices continue to remain out of reach for most buyers, the Midwest and the Northeast Metro surrounding areas will continue to dominate the hottest markets.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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