A new real estate trend report indicates a decrease in the number of foreign buyers purchasing properties in the first half of 2024. However, there has been a rise in buyers from outside cities, including out-of-state and upstate residents, accounting for nearly a quarter of home purchases in New York City. Among them, residents from New Jersey rank the highest, followed by California.
According to a survey conducted by the New York real estate research firm “Property Shark,” 77% of homes sold in New York City in the first half of this year were purchased by residents of the city, a decrease from 81% a decade ago. Over one-tenth of the properties were sold to out-of-state buyers, with another close to one-tenth being acquired by upstate residents.
Among out-of-state buyers, residents from New Jersey, California, and Florida account for half of the purchases. Despite this, the number of New Jersey residents buying homes in New York has significantly decreased over the past 10 years. Californians seem increasingly interested in the New York City market, surpassing Florida in the first half of the year to become the second most active out-of-state buyers.
Nevertheless, Florida, known as the “Sunshine State,” remains the top buyer of luxury homes in New York City. They have spent $150 million on properties valued at over $3 million here, while buyers from Massachusetts have nearly doubled their spending on luxury residences over the last decade.
From January to July, the number of properties purchased by foreign buyers has significantly declined. In 2014, one in ten homes sold to out-of-state buyers in New York City was acquired by buyers from non-U.S. addresses. However, they now only constitute 2.25% of the out-of-state buyer group.
Within New York State and outside New York City, residents of Nassau County on Long Island are the most active homebuyers in the city, followed by Westchester and Suffolk counties.
Within New York City, Queens is the top administrative district for homebuyers, with 3,247 transactions in the first half of the year. Following Queens are Brooklyn (3,041), Manhattan (2,665), Staten Island (686), and the Bronx (653). It is worth noting that these numbers have seen significant decreases compared to 2014, a decade ago.