Better Homes and Gardens Rand Realty Q4 Market Reports.
New York, New Jersey and the Bronx.
NEW YORK: The New York housing market finished the year with a strong price appreciation in most markets, but still needs more “fuel for the fire!” Demand is strong, which has driven prices up through most of the region, but we need more listings to keep sales growing. For the New York region, 2018 sales were down over 4%, but average prices were up 2%, reflecting high demand but restricted supply. We also see some modest but meaningful impact from the 2018 Tax Reform, which capped state and local deductions. Prices were up in most of the markets in the region, except in the highest-priced market for Westchester single-family homes, which might reflect a slackening of demand at the upper ends of the market. But prices were up significantly for the lower-priced Westchester condos, coops, and in the other regional markets of Rockland, Putnam, Orange, and Dutchess.
NEW JERSEY: The Northern New Jersey housing market finished the year with a strong price appreciation in most markets. Demand is strong, which has driven prices up through most of the region, but we need more listings to keep sales growing. For the Northern New Jersey region, 2018 sales were down almost 2%, but average prices were up 3%, reflecting high demand but restricted supply. And, prices were up consistently throughout the region, with average prices rising 1% in Bergen, 8% in Passaic, 5% in Morris, and 6% in Sussex, and falling only slightly in Essex. We also see some modest impact from the 2018 Tax Reform, which capped state and local deductions. Generally, the lower-priced the market, the greater the sales appreciation for 2018. For example, average prices for Bergen single-family homes were up only 1% for the year even while the condo market was up almost 8%.