New York Housing Market Vitality

Market Rank

thirty-nine

New York metro area house prices are forecasted to underperform the national market over the next twelve months. Currently, the market is underperforming the overall U.S. market. Compared to 12-months ago, New York’s housing market has strengthened. Current local economic conditions support an estimated 10.3% increase in house prices over the next twelve months. Based on the housing market vitality of the fourteen metro housing markets which comprise it, New York’s housing market ranks thirty-ninth amongst all states and D.C. The three-month outlook is negative.

Housing Market Vitality

Housing Market Vitality summarizes the impact of economic conditions on house prices. A value of 100 corresponds to conditions supporting current price appreciation; values less than 100 correspond to a dampening effect and values greater than 100 indicate a positive impact on house prices. A housing market vitality value can be interpreted as a growth rate. Hence, a reading of 105.8 can be interpreted as a 5.8% annualized increase in house prices.

New York Metro Housing Markets

New York is comprised of fourteen metro housing markets that account for nearly 93% of the state’s population. The Empire State metro housing markets are unique in their demographics and local economies and exhibit trends that are distinct from the national and state narrative. Each metro market presents its own unique opportunity.

METRO AREASITUATIONOUTLOOKUS METRO RANK (/402)
Albany-Schenectady-Troy, NY Underperforming Negative262
Binghamton, NY Outperforming Negative63
Buffalo-Cheektowaga-Niagara Falls, NY Outperforming Negative92
Dutchess County-Putnam County, NY Outperforming Negative61
Elmira, NY Underperforming Negative393
Glens Falls, NY Outperforming Negative60
Ithaca, NY Underperforming Negative200
Kingston, NY Outperforming Positive8
Nassau County-Suffolk County, NY Underperforming Negative225
New York-Jersey City-White Plains, NY-NJ Underperforming Negative315
Rochester, NY Outperforming Negative77
Syracuse, NY Outperforming Negative101
Utica-Rome, NY Outperforming Negative120
Watertown-Fort Drum, NY Outperforming Negative45

Industry Specialization

New York’s state economy is specialized in Information, Fncl activities, and Edu Health svcs. Mining, Construction, and Manufacturing industry sectors are less important to the state economy compared to the national economy.

Industry specialization helps explain the differing impact of industry trends on local economies in contrast to industry composition which describes the structure of the economy. A Specialization Index value greater than 100 corresponds to the sector having a greater share of the state economy than it does of the national economy. Sectors with a Specialization Index greater than 120 characterize the local economy.

Demographics

Compared to the U.S., there is a lower incidence of poverty amongst New York residents and they have greater purchasing power. There are fewer high school graduates and a larger proportion of the population is college educated. New York’s population is comparatively more diverse than the overall U.S. population.

A Demographics Index value greater than 100 corresponds to the factor being more intense in the state versus the national average. Characteristics of the local population is a longer-term factor that influences the housing market.

Updated September 08, 2021 with data through July 2021