Real estate firm PropertyShark found foreign buyers are purchasing fewer homes in the city but out-of-state residents are scooping up a higher percentage of properties.
Buyers from outside the five boroughs accounted for nearly a quarter of all New York City home purchases in the first half of the year, even as the number of foreign buyers plummeted, according to a new analysis of real estate trends.from research firm PropertyShark found that people with addresses from other states or counties purchased more than 23% of one- and two-family homes, condos and co-ops between January and July. That was up from about 19% over the same six-month span a decade ago.
Residents of New Jersey, California and Florida accounted for the highest number of out-of-state home purchasers in New York, the report found. She said Russia’s invasion of Ukraine led to fewer purchases by Russian citizens while trade disputes with China may be discouraging Chinese citizens from buying homes in New York City.
Real estate consultant Jordan Barowitz said brokers are increasingly working with wealthy parents who are paying cash for condos and starter homes that they then hand over or rent out to their children.
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