Best Locations For New York Real Estate Investment
It’s not surprising that people love to live in New York. People are often drawn to the unique culture and lifestyle of New York City, but the state has much more to offer. From the beautiful scenery and lower prices of upstate New York to the hustle and bustle of the city, there are plenty of reasons to invest in real estate here. If you’re thinking of expanding your New York real estate investment portfolio, we have a few ideas for the best places to look.
New York State Real Estate Forecast
As with other large states, the New York real estate market covers a wide range of high-value urban properties and low-cost rural opportunities. Statewide, demand is increasing. The New York State Association of Realtors noted that median sale prices went up nearly 30% in the past year, to $470,000. Days on the market decreased slightly since 2021, and total inventory dropped below three months’ supply. Although the state median is higher than the country as a whole, there are many cities in New York with affordable housing prices, steady growth and reliable rental income. Here are a few of the top opportunities.
Investors hoping to find a balanced market where they can choose from a variety of great neighborhoods should take a look at Buffalo. With a median sale price of about $190,000, the city is well below the national average of $430,000. Homes here tend to be on the market a little longer than the rest of the state, which provides more opportunities for you to get a good deal. Rent comes in at $1,200 per month, which is lower than the rest of the state but growing over time.
As the fifth-largest city in the state, Syracuse offers an urban feel without the high prices of other metropolitan areas. With median listing and sale prices around $150,000, you’re less likely to get caught in a bidding war. The rental market is growing steadily with an average near $1,300 per month. Buying in one of Syracuse’s many interesting neighborhoods might be the perfect long-term investment. For more information, take a look at Renovo’s loan programs.
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If you’re looking for a property that you can turn around for a good profit in a short time, Rochester is a great place to start. Realtor.com recently ranked the city as one of the most difficult markets in the country with low inventory and high demand. Median sale prices approach $200,000, which is about a third higher than the median list price. Average monthly rent sits around $1,200, which means that it could represent a good opportunity for long-term investments.
The area surrounding the state capital of Albany shows a moderate demand for housing, which results in steady growth for housing and rent prices. Albany’s median sale price is about $240,000, slightly higher than the same time in 2021. With rent averaging about $1,500 per month and a higher rate of increases in the past year, Albany could demonstrate the perfect chance to get a property in a popular area before the prices go up.
New York offers tons of opportunities for investors, whether you’re looking for a property to buy and rent or a quick fix and flip. To get started on your New York investment goals, contact Renovo Financial today.
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