New York-Newark, NY-NJ-CT-PA

There is no one answer for this question since real estate trends vary greatly depending on the specific location within the New York-Newark, NY-NJ-CT-PA combined statistical area (CSA). However, some general trends that have been observed in recent years include an increase in average home prices and rental rates, as well as a decrease in the number of homes available for sale.

The average home price in the CSA was $1,076,000 in 2019, which was a 5.4% increase from the previous year. The average rental rate also increased by 3.2% to $3,695 per month. Meanwhile, the number of homes available for sale decreased by 7.3% to just over 18,000 listings.

These trends are likely due to a combination of factors including population growth and limited housing supply. The CSA is home to over 23 million people and continues to attract new residents every year. At the same time, there has been very little new construction relative to population growth, which has put upward pressure on prices and rents.

Looking ahead, it is unclear how long these trends will continue or if they will accelerate even further. However, given the current conditions it seems likely that prices and rents will continue to rise while availability remains tight in the near future.