When it comes to new construction, the city is all about getting it done quickly, and that means that there’s no shortage of potential home buyers ready to snap up a house or condo in the city.
Here are some of the hottest housing markets right now, and what to expect as the economy gets back on track.
New York, NY: In recent months, New York has been a real estate hotspot for buyers, with buyers eager to make the move into the New York metro area as prices have started to rise again.
A couple of months ago, the average price of a house in Manhattan soared to $1.4 million, according to Zillow.
The average price in Queens jumped nearly 15 percent to $4.7 million.
In Brooklyn, home sales increased in the area in May to a record-high of 5.1 million, ZillOW reported.
The median price of homes in the boroughs rose 7.8 percent in May, Zest reported.
There is also a strong rental market in New York right now.
As rents have risen and the cost of living continues to increase, there are also a lot of options for renters.
Home prices are climbing, with median prices jumping almost 20 percent from a year ago, Ziller reported.
Some people say it’s just about time to buy.
“It’s almost like we’re back in a bubble,” said John Schilling, the executive director of the Real Estate Board of New York.
“You’re in the stratosphere right now.”
In the past few years, home prices have skyrocketed in several metropolitan areas.
In Chicago, where the median price is now more than $1 million above its pre-recession level, the median home price has nearly doubled since last year, according a report from Zillows Realty Research.
In New York and San Francisco, home values have risen by more than 50 percent over the past year.
But if you’re looking for something a bit more modest, a nice place to live, or a nice house in a nice area, you may want to keep an eye on some other New York markets as well.
New Jersey: In a bid to stay afloat during a severe financial crisis, New Jersey lawmakers have put a moratorium on new construction in the state.
The legislation passed in March, and the state is now planning to lift the moratorium by the end of June.
A lot of the new construction is happening in Jersey City, according the Associated Press.
It’s a vibrant neighborhood, with more than 3,000 homes and condos currently under construction, according Zillower.
The state has also seen a surge in condo sales, with the number of condos now more then twice the number a year earlier.
The number of homes that are under construction in New Jersey jumped more than 8 percent in the first quarter, Zellow reported.
If you’re planning to move to the area, it might be worth your while to do some research before you make the leap.
“If you are planning on moving here, it’s probably time to think about some of these neighborhoods,” said Scott Tully, president of the Jersey City Housing Authority.
“I think people are beginning to get more savvy.”
But if the trend continues, it could be tough for some people to find homes that they can afford.
“We are seeing a lot more condo sales in the past couple of years than we were in the last five years,” Schilling said.
“People are starting to realize that it’s not just the market that’s rising, it also is the cost.”