New York is a huge and lucrative market. Many real estate marketplaces covering it and its surrounding markets, run research campaigns throughout the year just to keep up with its ever-changing climate.
REX, a proptech company that connects buyers and sellers while offering the lowest transaction costs in the industry, has released two of these reports analyzing the housing market trends in New York and New Jersey.
The reports show the lasting effects on jobs, real estate activity, rent, and state revenue due to the COVID-19 crisis.
New York State Market Highlights as of July 1, 2020:
- Closed home sales down 34% year-over-year
- Active listings down 20% year-over-year
- Days on market up 18% year-over-year
- Leads are 153% compared to February 2020
However, REX has reported that interest in its own listings has seen a significant spike from New York City residents.
New Jersey Market Highlights as of July 1, 2020:
- Pending residential home sales up 30% year-over-year
- Closed home sales down, statewide
- Seller leads up 134% compared to February 2020
REX's Chief Data Scientist Andy Terrel, said:
"It is clear REX's ability to help buyers and sellers find and tour a home online is an advantage for residents in New York City and other large metro areas as they look to smaller metro areas. REX is helping meet real estate consumers' specific needs right now, but more broadly, the data is showing our tools and services continue to enhance job mobility during a unique moment in history."