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Housing Market

Real Estate
LI Now 'Overvalued Housing Market' Following Pandemic Boom, Report Says LI Now 'Overvalued Housing Market' Following Pandemic Boom, Report Says
LI Now 'Overvalued Housing Market' Following Pandemic Boom, Report Says Homes in some parts of downstate New York are being considered “overvalued” amid the current housing bubble, according to a new Fortune Magazine report. Fortune studied home price growth, which is wildly outpacing income growth across the country, with different areas across the US considered “overvalued," “undervalued,” or "normal."  Specifically, in downstate New York, both Suffolk and Nassau counties, as well as Westchester have been listed as being "overvalued," the report states. Other counties upstate also earned the distinction, while markets in the rest of the state have remain…

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by Zak Failla
Lifestyle
New Real Estate Trend Sees Millennials Snapping Up 'Cheap, Old Houses' Priced Under $100K New Real Estate Trend Sees Millennials Snapping Up 'Cheap, Old Houses' Priced Under $100K
New Real Estate Trend Sees Millennials Snapping Up 'Cheap, Old Houses' Priced Under $100K A new real estate trend has seen a growing number of millennials purchasing historic houses for less than $100,000. "Cheap Old Houses," an Instagram page run by a listing website, has seen significant growth in its following throughout the pandemic. The page began with 750,000 followers at the beginning of the pandemic, according to Business Insider. As of December of 2021, it has grown to 1.8 million followers. View this post on Instagram A post shared by Cheap Old Houses ™ (@cheapoldhouses) The page's founder told the news site that the …

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by Nicole Valinote
Real Estate
COVID-19: Pandemic Leads To Surge In 'Tiny House' Sales COVID-19: Pandemic Leads To Surge In 'Tiny House' Sales
Covid-19: Pandemic Leads To Surge In 'Tiny House' Sales It seems puzzling at first, but COVID-19 has increased demand for homes in the 120 to 500 square-foot range. Tiny homes, the seemingly quirky, sustainable living trailers that were popularized during the 2010s recession, are being sought in greater numbers, according to manufacturers and industry analysts. A manufacturer in California became so inundated with requests that he had to expand his warehouse from 12,000 square feet to 22,000 square feet, according to Yahoo News. 2020 wound up being a record year for the company and no one was more surprised than the owner. Why would anyone want…

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by Kristin Palpini
Real Estate
NYC Rents Soar To Three-Year High NYC Rents Soar To Three-Year High
NYC Rents Soar To Three-Year High With New Yorkers leaving the state in record numbers, rent prices continue to rise in New York City, reaching a three-year peak. The average rent for a one bedroom apartment in New York is up to $2,980, according to a new report by Zumper. The number represents a 4.2 percent increase from June a year ago and prices have reached a three-year high. The report found that two-bedroom apartments in the Big Apple are also becoming more expensive, up to an average of $3,330 monthly, a 5.1 percent increase from 2018. The average price of rent in New York City is the second highest in the country, …

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by Zak Failla