NYC Real Estate Market Struggling to Recover From Recession: Study

NEW YORK, NY — The city's real estate market really is as bad as you think it is, according to two new studies released on Tuesday.

The first, from WalletHub, ranked the top 300 real estate markets in 2016. Of the 300 markets in the United States, New York City lagged way toward the back at No. 242. WalletHub studied each of the markets for the average number of days a house remains unsold, percentage of homes selling for a gain, foreclosure rate and vacancy rate, among 11 different factors.

For some specific numbers, New York ranked No. 286 in days it takes to sell a house and No. 279 in number of mortgage holders in delinquency. You'll also be unsurprised to learn New York ranks No. 281 in affordability.

WalletHub also broke it down by city size, with New York finishing No. 50 in the large cities category.

Suffice it to say, WalletHub does not think the real estate market in New York City is the best. And they're not alone.

HSH.com, a mortgage-tracking website, also graded the city as lagging behind in home price recovery from the Great Recession (2008) to today. Home prices in the New York City metro area — which also includes Jersey City and White Plains in addition to the five boroughs — are still 9.33 percent below their highest value from pre-recession. By contrast, Boston is actually up 3.87 percent from pre-recession prices. Denver ranks No. 1 in the country at 53.6 percent above its pre-recession peak value.

Photo Credit: jiulliano via Flickr/Creative Commons