Data Shows What NYers are Interested in When Searching for a New Home
For those interested in real estate in NYC, Localize’s newly released Trends Report offers insight into current search trends on the Localize site. This report offers not only a detailed look at the marketplace today, but provides inspiration on areas NYC buyers might want to consider in 2021 based on search preferences that might interest them.
The following insights are some of the trends gleaned from the data. To see the full report, visit:
What does 2021 have in store? Localize predicts a strong focus on outdoor space.
Localize’s data revealed most buyers showed a strong interest in homes that provided access to outdoor space, as well as listings that offered sustained sunlight. As the pandemic changed the activities NYers could participate in, the desire for homes that offer the ability to enjoy outdoor space became more popular. This is a trend that will persist into 2021, making homes with private outdoor space increasingly popular.
Localize found that buyers were most interested in the following search parameters:
- Natural light: 71% of home searches requested natural light as a feature.
- Private outdoor space: 23% of home searches requested a private place to get outside in their new home.
- Access to parks: 32% of home searches requested park access near a potential new home.
Buyers who want access to the outdoors may have a specific area in mind, but they could miss out on other parts of the city that may meet their needs.
Localize’s data uncovered specific neighborhoods buyers who are interested in private outdoor spaces can consider, including:
- Riverdale and Spuyten Duyvil in the Bronx;
- Williamsburg and Sheepshead Bay in Brooklyn;
- The Lower East Side and Hudson Square in Manhattan; and
- Long Island City and Glen Oaks in Queens.
Additionally, for those interested in parks specifically, the following boroughs offer the best chance of finding a home nearby a public outdoor space:
- In Manhattan, 33% of active listings have a park nearby.
- In Brooklyn, 19% of active listings have a park nearby.
When it comes to neighborhoods, Dumbo, Greenwich Village and the Flatiron District were the best neighborhoods to meet the homebuying checklist item of nearby parks.
2020 in NYC brought changes to preferences, but also steady prices.
For anyone doubting New York City’s resilience, the Localize review of 2020 proved the opposite: NYC is here to stay. In fact, it never really left. While there were downward trends in Manhattan due to the pandemic, the overall trends in all other boroughs showed that median prices held steady and even rose in most.
For buyers and investors looking to have a piece of the NYC market in 2021, there is a still lot of opportunity. There may also be continued preference adjustments as people consider new areas of the city that fit best with lifestyle changes that have occurred over the past year. Localize can help buyer’s navigate this marketplace to pinpoint the best boroughs, neighborhoods and listings that best meet their needs.