5 factors influencing New York City's real estate market – Inman.com

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If you look at the overall national trends, the housing market is doing exceptionally well. We’ve pulled out of the slump from the economic recession of 2008, and home prices are steadily inching higher. But this rate isn’t consistent everywhere in the country; some areas are still straggling far behind, while others are displaying even stranger trends. It should be no surprise that the areas most likely to deviate from the national averages are densely populated urban areas with tightly packed populations, a faster rate of change, and of course, more volatile demand. So how is New York City, the biggest city in the United States, faring? The New York real estate market Overall, New York’s real estate market is being influenced by three major trends: Higher prices: Prices for homes and apartments have risen dramatically over the past several years, with apartment prices increasing 27.9 percent and townhouses increasing 58.3 percent in the past decade. This is mak…