When WalletHub released its annual list of America’s best real estate markets this August, one theme was clear: cities in Texas, North Carolina, and California dominated the rankings. McKinney, Texas, secured the top spot thanks to abundant housing stock and rapid job growth, followed by Cary, North Carolina, and Irvine, California.
New York City, on the other hand, ranked 230th, well below many of its national peers. At first glance, this might seem like a blow to the city’s reputation as a global housing hub. But the reality is far more nuanced. New York remains one of the world’s most dynamic and resilient real estate markets, precisely because it cannot be measured by the same yardstick as fast-growing suburbs.
As Albert Dweck of Duke Properties explains, “Rankings provide interesting snapshots, but they don’t capture the deeper value of a city like New York, where real estate is driven as much by culture, history, and global demand as it is by affordability metrics.”
The Rise of Emerging Stars
There is no denying the strengths of places like McKinney, Cary, or Irvine. McKinney’s decade-long building spree has created an ample supply of new, turn-key homes. Cary enjoys some of the country’s lowest living costs paired with strong employment opportunities. Irvine boasts long-term stability in sunny Southern California.
These are markets that represent growth through expansion. Their housing stock is young, their infrastructure is new, and their affordability relative to income is appealing to first-time buyers and young families alike. For many Americans, these cities offer a promising balance of opportunity and quality of life.
But as Albert Dweck notes, “These are cities building their future. New York is a city that has already built a legacy — one that continues to attract people, capital, and culture from all over the world.”
New York’s Unique Place in the Market
So why did New York rank so low on this year’s list? The study pointed to challenges such as high home prices relative to income, long median days on market, and sluggish home-price appreciation. These are the kinds of metrics that put younger, fast-growing cities ahead.
But New York’s housing market is shaped by different forces. Manhattan, Brooklyn, Queens, and the Bronx don’t compete with McKinney or Cary — they compete with London, Hong Kong, and Paris. The buyers here aren’t just looking for affordability. They are seeking prestige, location, connectivity, and cultural vibrancy.
Albert Dweck emphasizes this point: “In New York, a home isn’t just shelter. It’s access to a global city, proximity to world-class institutions, and a foothold in one of the most influential economies on earth. That kind of value doesn’t show up neatly in rankings, but it’s why demand here never truly disappears.”
The Power of Local Demand
Another unique strength for New York is that, despite being a global hub, most buyers are local. A recent PropertyShark report revealed that 87% of transactions in Manhattan involved residents buying in their own boroughs. This points to a deep-rooted market driven not just by investors, but by New Yorkers committed to staying in New York.
In addition, the city continues to attract cash buyers at record levels. Sixty percent of Manhattan homes sold in the first half of 2025 closed without financing, showing extraordinary liquidity in a challenging national mortgage environment.
“Cash buyers bring confidence and stability,” says Albert Dweck. “When people are willing to purchase homes outright, it signals long-term faith in the city’s value. That is not a sign of weakness — it’s a sign of resilience.”
New York’s Real Estate: Looking Ahead
The future of New York real estate lies not in outpacing suburban cities on affordability rankings, but in continuing to offer the unmatched vibrancy of an urban core. As office-to-residential conversions accelerate, new housing is being added in prime areas like Midtown and Lower Manhattan. Transit expansion, neighborhood revitalization, and policy reforms are creating fresh opportunities across the five boroughs.
“New York reinvents itself in cycles,” Dweck reflects. “Whether it was after 9/11, the 2008 financial crisis, or the pandemic, the city has always adapted. Each time, real estate has come back stronger, because the underlying demand never disappears.”
Final Thought
Yes, McKinney, Cary, and Irvine are exciting growth markets. They represent where America is expanding, building, and seeking affordability. But New York is not competing to be cheap or easy. It is competing to be irreplaceable.
And in that race, it continues to win.
As Albert Dweck of Duke Properties concludes:
“Rankings come and go. But New York’s value — its culture, its energy, its resilience — remains constant. That’s why we believe in this market, today and for generations to come.”