Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Living in New York City remains undeniably expensive, with sale prices in some neighborhoods reaching $7.5 million, yet out-of-state buyers are still drawn to the city, according to The New York Times.
A study by PropertyShark, a national real estate data firm, compared NYC homebuyers’ origins in the first half of 2014 and 2024, focusing on single-family and two-family homes, condos and co-ops priced at $100,000 or more.
Although NYC residents made the majority of home purchases in 2024, nearly half of out-of-state buyers came from New Jersey, California and Florida. New Jersey residents remained the most active out-of-state buyers, though their numbers have declined, with 345 homes closed in 2024, down from 487 in 2014.
International sales also saw a sharp drop, from 178 in 2014 to just 41 in 2024, shrinking from 10 percent of out-of-state sales to only 2.25 percent.
Californians surpassed Floridians as the second most active out-of-state buyers, purchasing 244 homes in 2024, up from 175 in 2014, while Florida buyers accounted for 219 sales, up from 189.
In-state buyers closed on 11,579 homes in 2024, down from 15,781 in 2014.
Queens residents bought the most homes, though at a reduced rate — 3,247 in 2024 compared to 4,329 in 2014. Buyers in Brooklyn, Manhattan and Staten Island were also less active, while the Bronx saw an increase in activity.
Outside the city, buyers from Nassau, Westchester and Suffolk counties topped the list.
NYC’s luxury sector saw growth in out-of-state buyers, increasing from 13 percent of deals in 2014 to nearly 17 percent in 2024. Florida led the way, representing 17 percent of out-of-state luxury deals above $3 million; nearly half of Florida buyers’ $141 million in real estate spending in NYC went toward high-end properties.
Californians were also more active in the luxury market, accounting for 15 percent of out-of-state buyers, up from 12 percent in 2014, contributing an additional $40 million in luxury real estate investments.
New Jersey buyers, while retreating from NYC’s luxury market, focused on higher-priced properties, spending nearly the same amount in 2024 ($149 million) as in 2014 ($152 million) despite a one-third decline in their number.
Massachusetts luxury buyers shifted toward pricier properties as well, tripling their spending from $37 million in 2014 to $104 million in 2024, alongside a 40 percent increase in the number of buyers.
Florida, California, New Jersey and Massachusetts were the only states whose residents spent more than $100 million on NYC luxury real estate.
