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Real Estate

NYC Property Values Projected to Rise 8.2% as Homebuyers Return

  • Market value for NYC real estate climbs to $1.4 trillion: city
  • Sales of condos, houses have been surging as economy rebounds
Brooklyn, New York

Brooklyn, New York

Photographer: Craig Warga/Bloomberg

New York City is factoring in an 8.2% increase in property values for next fiscal year, bolstered by demand for single-family homes, co-ops and condos. 

The city set a value of about $1.4 trillion for its more than one million properties for the fiscal year beginning in July, according to a tentative assessment roll released by the Department of Finance on Tuesday. Residential property is projected to lead the rebound, as home buyers return from the suburbs and low mortgage rates and pent-up demand spur purchases.