Buying a home in New York City is expensive, but out-of-state buyers are still moving to the city, just in smaller numbers than they were 10 years ago.
A recent study by PropertyShark compared where the city’s buyers came from in the first halves of 2014 and 2024, analyzing sales of single-family and two-family homes, condos and co-ops with a sale price of at least $100,000. All 50 states and Washington, D.C. were included, as were foreign countries, which were lumped together as a group. The data was extracted from public records, and the origins of buyers who purchased through an L.L.C. were manually confirmed.
New Jersey residents remain the most active out-of-state buyers in New York City, but their numbers have sagged. In the first half of 2024, Garden State residents closed on 345 homes, down from 487 during the first half of 2014. Connecticut also produced fewer sales in the city this year (118) than it did a decade ago (129). And the number of international sales declined drastically, from 178 in 2014 to just 41 in 2024.
Meanwhile, Californians have overtaken Floridians to become the second most active out-of-state buyers, purchasing 244 homes in 2024, up from 175 in 2014. Florida accounted for 219 sales, up from 189. And Texans bought 92 N.Y.C. homes this year, up from 86 a decade ago. Also, there was one Alaskan (down from two).
But of course, it was in-state buyers who accounted for the majority of home purchases in the first half this year, closing on 11,579 homes — down from 15,781 in 2014. Inside the city, Queens residents bought the most homes in 2024 — 3,247, a decrease from 4,329 in 2014. Brooklyn, Manhattan and Staten Island buyers were also less active than they were 10 years ago. Only the Bronx saw more activity than it did in 2014 — 653 deals in the first half of 2024, up from 545 in 2014.
Outside the city, buyers from Nassau County topped the list, followed by Westchester and Suffolk counties.
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