Skip to content
CityLab
Economics

NYC Property Values Are Seen Rising 6.1%, Boosted by Single-Family Homes

  • Value of NYC real estate climbs to $1.48 trillion, city says
  • Office market continues to struggle with record vacancy
Brownstones in the Bedford-Stuyvesant neighborhood of Brooklyn, New York.

Brownstones in the Bedford-Stuyvesant neighborhood of Brooklyn, New York.

Photographer: Victor J. Blue/Bloomberg

The value of New York City’s 1.1 million properties is projected to rise 6.1% for the next fiscal year, boosted by single-family home prices.

The city set a market value of about $1.48 trillion for residential and commercial properties and utilities for the fiscal year beginning in July, according to a tentative assessment roll released by the Department of Finance on Tuesday. Citywide assessed values, which determine the value of property for tax purposes, are projected to rise 4.4% to $286.8 billion.