New York
Housing Market
The landscape of New York's housing market evolves with shifting home prices and demand. Houzeo's housing market report tracks constant changes in supply and demand across New York. Our report offers real-time insights to help you make informed decisions.
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MigrationNew York Housing Market Overview
New York housing prices show a 10.5% YoY growth as of January 2025. The constant increase in home prices indicates the strength of the housing market. Currently, the median home price in New York is $577,100. Additionally, the number of homes sold increased by 5.4% YoY.
You can also check the market competitiveness through median days on the market. Homes in New York now spend only 42 days on the market before going under contract. All these metrics collectively indicate changes in the New York housing market's pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can also check the market competitiveness through median days on the market. Homes in New York now spend only 42 days on the market before going under contract. All these metrics collectively indicate changes in the New York housing market's pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You get less negotiation power as the median days on the market are just 47 days. Moreover, mortgage rates at around 6.97% reduce the buying power. So, whether you are looking for a condo in New York City or a single-family home in Manhattan, you must look for the competition among buyers. If the competition is low and home prices drop, you can go ahead and buy a house.
- If You're a Seller: You can profit from growing prices and high demand near your area. The current increase of 10.5% in prices attracts sellers to earn more profits.
Median Sale Price
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New York
New York Housing Supply
New York's housing supply will grow as new construction expands. Experts predict moderate inventory gains in 2025. Homes for sale in New York have only increased by 0.2% year over year in January 2025. Currently, about 38k homes for sale are available in New York. The market leans towards sellers with 3 months of supply. Fewer months indicate a seller's market and more months indicate a buyer's market.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You have more competition as the number of homes for sale is stagnant. The stagnant inventory reduces the supply and favors sellers. Also, 3 months of supply signals a seller's market. This means that New York home buyers face extreme competition.
- If You're a Seller: You need to act fast and sell your home before more supply hits the New York real estate market. Rising inventory could lower demand and lead to fewer offers from buyers. To attract buyers, focus on staging and marketing your home.
# of Homes for Sale
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New York
New York Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
In January 2025, almost 36% of homes in New York sold above the list price. The number of homes with price drops has decreased slightly from last year. Currently, 19% of homes have price drops. The 100% sale-to-list price suggests more price flexibility for sellers.
What Does It Mean for Home Buyers and Sellers?
In January 2025, almost 36% of homes in New York sold above the list price. The number of homes with price drops has decreased slightly from last year. Currently, 19% of homes have price drops. The 100% sale-to-list price suggests more price flexibility for sellers.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The current New York housing market has a few metrics that lean in your favor. 19% of homes with price drops suggest more bidding wars among New York home buyers.
- If You're a Seller: You'll make good profits if you sell now. With a 100% sale-to-list price ratio and limited supply, the negotiation power lies with sellers. You will experience high demand and more bidding wars for your home during summer.
Homes Sold Above List Price
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Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is It a Buyer's or Seller's Market in New York?
As of January 2025, home sellers in New York have an advantage due to increased prices and limited supply. Buyers have less leverage in New York's real estate market as the number of homes for sale has decreased and home prices have increased. The median days on the market, currently 42 days, also favors sellers.
The current mortgage rate of 6.97% may reduce buying power. However, a 2.5% rise in new home listings could attract new home buyers in New York. These trends vary significantly within New York's diverse real estate markets.
New York Housing Market Insights
The housing market in New York is highly competitive compared to the nationwide market. House prices in New York are rising constantly at a faster growth rate. The median home price in New York ($577,100) is less than the national median price of $418,489. New York home inventory trend indicates growing options buyers. Currently, 38,920 homes for sale are available in the Empire State.
Housing markets like Manhattan have cooled off due to low competition. Homes in Manhattan spend more than 65 days on the market. However, 2025 New York real estate predictions suggest continued growth in some regions as the market adjusts to economic factors. Overall, New York's housing market favors home sellers. If you're buying a property in New York, you must wait till the home prices go down. As a buyer, also check for moving expenses and HOA fees.
Housing markets like Manhattan have cooled off due to low competition. Homes in Manhattan spend more than 65 days on the market. However, 2025 New York real estate predictions suggest continued growth in some regions as the market adjusts to economic factors. Overall, New York's housing market favors home sellers. If you're buying a property in New York, you must wait till the home prices go down. As a buyer, also check for moving expenses and HOA fees.
Nationwide Migration Trends
New York experienced significant outbound migration during the winter of 2024. From November 24 to January 25, over 25,000 residents searched for out-of-state homes. Many New Yorkers chose the urban areas of New York, Texas, and North Carolina as destinations. High property taxes and home prices pushed families toward affordable markets.
This migration pattern reflects the broader differences in the national cost of living index. States in the South and Midwest offer living costs up to 40% lower than New York's.
This migration pattern reflects the broader differences in the national cost of living index. States in the South and Midwest offer living costs up to 40% lower than New York's.
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Frequently Asked Questions
How have home prices changed in New York over the past year?
New York's median home prices have continued to rise over the past years, driven by high demand and low inventory. The median house price in New York has increased at an average growth rate of 10.5%, with multiple regions seeing large double-digit percentage growth. You can check your home's fair market value with a free home value estimator.
Are New York property values dropping?
No, New York home prices aren't dropping broadly, but they show varied local trends. Statewide prices rose 10.5% YoY in January 2024. Markets like Long Beach and Henrietta saw significant gains. Experts forecast continued 4% growth in 2025, though increased houses in New York for sale may moderate prices in overvalued areas.
What's the average home price in New York?
The average home price in New York varies depending on location, size, and market conditions. It typically ranges from $427,200 for condos to $528,400 for single-family homes.
What are the real estate market predictions for New York in 2025?
New York's housing market is expected to stabilize in 2025, with slower price growth and rising mortgage rates. Demand for homes in NY may remain strong due to population growth, but higher interest rates could temper sales.
Is now a good time to buy or sell a home in New York?
You must check for real estate trends in New York regarding housing prices and inventory. Sellers can benefit from high demand and rising prices. However, if the mortgage rates are stable and months of supply are more than 6 months, that's the best time to buy a house in New York.
How does New York's housing market compare to the national market?
The housing market in New York surpasses national performance through strong price gains and competition. Limited supply and high demand in NYC drive market prices above national averages.
What are the steps to buy a house in NY?
The steps to purchase a house in NY must start with a clear budget and mortgage pre-approval. Buyers should search for houses for sale in New York, submit offers, secure loans, and complete the closing process.
How can I list my home for sale in New York?
You can list your home for sale with a Flat Fee MLS New York listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in New York?
The average mortgage rate for buyers in the NY real estate market fluctuates between 6% to 7%. It depends on the market and the borrower's credit score. Always check current rates with lenders.
What is the average cost of housing in New York?
The typical single-family home in New York costs $563,700 with significant regional price variations. New York's housing costs exceed national averages by 130.1%, with NYC rents reaching $5,874 monthly. You can check any region's cost of living using a free cost of living calculator.
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