Overview of the Commercial and Residential
Real Estate Market in New York


It was the Erie Canal that opened in 1820 and provided a convenient trading route to the Midwest that helped New York City become the world-renowned trade capital that it is today. Dairy farming is the most significant sector of New York State's many farming areas, there are more than 18,000 cattle farms across the state. The oldest cattle farm in the country began in 1747 at Montauk on Long Island. The state is also the location of the first public brewery, one of the few rivers that flows south to north (Genesee River), and the country's oldest running newspaper (New York Post). The largest city in the state is also the largest city in the country, according to the U.S. Census. More than 8,405,837 of the 19,695,680 who live in the state reside in New York City. It has a median home value of $492,800. That is almost twice the $288,200 median home value of the state. The median household income of New York City ($52,259) is $5,744 less than the median household income for the state ($58,003).

About 83.7 percent of NYC residents and a little over half of state residents live in multifamily structures. With home ownership well out of reach for a large portion of residents in the state's major cities, there is a significant amount of money generated by apartments. The New York State economy comes in third behind California and Texas. While the NYC financial district is considered the world's leading financial center, the state's industries range from agriculture to manufacturing to media. Manhattan is the largest office market in the country, having more than 520 million square feet of office space. Manhattan is home to two of the three largest business districts in the United States.

Office Rental and Executive Suites in Manhattan, NY

How to Become a Realtor in New York

Real estate licensing in the state of New York is handled by the Division of Licensing Services. It operates under the New York State Department of State. From its office in Albany, the real estate licensing division oversees and regulates the conduct of real estate professionals across New York. They require applicants be at least 18 years old at the time they apply for their real estate license. Course requirements are 75 hours of state approved real estate pre-license courses. Agents are not able to operate independently and must work under the direct supervision of a real estate broker. Brokers must be at least 20 years old, be a legal U.S. Citizen, and have a minimum of two years full time experience as a real estate agent. New York State has reciprocity agreements with Arkansas, Colorado, Connecticut, Georgia, Massachusetts, Mississippi, Oklahoma, Pennsylvania, and West Virginia.