Unmasking the Impact of Covid-19: A Comparative Study of Housing Price Dynamics in New York City

Abstract

Humanity was thriving in a state of economic growth and technological advancement. With the turn of a page, a global pandemic revealed the grim realities of unpreparedness and resulted in far reaching economic consequences. This thesis explores the impact of the Covid-19 pandemic on housing prices in New York City’s five boroughs. Regression analysis reveals that residence size, specifically a residence’s number of bedrooms, proves to be extremely indicative of housing price changes following Covid-19. The inflation-adjusted prices of smaller one and two-bedroom residences experienced a decline while larger four and five bedroom residences continued to see an increase in value. The research presented in this paper contributes to a growing understanding of the relationship between a global health crisis and real estate dynamics.