New York City real estate will be more expensive in 2020 than it was in 2015, according to a report by the New York Times and the real estate research firm Trulia.
The report, based on data from Trulia, said real estate prices in New York will jump 30 percent in 2020 and by 30 percent if the population hits 9 million people.
The average price for a home sold in Manhattan in 2020 was $1.85 million, up from $1,543, while prices in the East River borough rose 36 percent to $1 million.
In Brooklyn, the average price rose by 26 percent to nearly $1 billion.
The increase in prices could be due to an influx of people, said Mark Zandi, an economist at Zandi Associates who helped compile the report.
New York, he said, will likely attract a lot more buyers this year.
“I think it will be driven by an influx, because the population has gone up,” Zandi said.
“The demand for housing in Manhattan is higher than it has been in decades.”
The report found that the average age of home buyers is getting older, with an average age at purchase of 35 years, up 5 years from 20 years ago.
The median home price rose 1.9 percent in the New England region, up 0.4 percent in Boston and up 4.4 percentage points in New Jersey.
The New York metropolitan area is among the top buyers in the country, with a median home value of $2.9 million, according the report, while New Jersey had the second-highest median home valuation at $2 million.
In the Bay Area, the median home prices increased 4.5 percent, but the median age of buyers was 34, up 1 year from 28.
The median age for first-time homebuyers was 37, up 3 years from 34.
In Los Angeles, median home values rose 3.8 percent, while in San Francisco, median house prices increased 6.3 percent.
In New York’s East Village, median median home ownership increased 7.7 percent, as did the number of households owning more than one home.
In the Upper West Side, the number was 11.9 per 1,000 people.
“The market is very strong,” Zane said.