The impact of the Coronavirus pandemic on New York City real estate: First evidence.

We investigate whether pandemic-induced contagion disamenities and income effects arising due to COVID-related unemployment adversely affected real estate prices of one- or two-family owner-occupied properties across New York City (NYC). First, ordinary least squares hedonic results indicate that greater COVID case numbers are concentrated in neighborhoods with lower-valued properties. Second, we use a repeat-sales approach for the period 2003-2020, and we find that both the possibility of contagion and pandemic-induced income effects adversely impacted home sale prices.