New York City, NY
Housing Market
New York City's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into NYC's supply and demand trends. Our report equips you with the information you require to make well-informed decisions.
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Buy or SellNew York City Housing Market Overview
The New York City real estate market is holding steady, with home prices and sales activity both on the rise. The median home price is now $825,000, up 3.1% from last year. This month, 2,381 homes were sold, which is a 9.8% increase compared to a year ago. Moreover, homes spend a median of 74 days on the market, selling slightly faster than this time last year.
From Brooklyn brownstones to Manhattan high-rises, New York City offers homes for every lifestyle. Its vibrant neighborhoods, world-class cultural institutions, and endless career opportunities continue to attract hopeful buyers from around the globe. Whether you're looking for historic charm or modern luxury, you'll find a home in the Big Apple.
From Brooklyn brownstones to Manhattan high-rises, New York City offers homes for every lifestyle. Its vibrant neighborhoods, world-class cultural institutions, and endless career opportunities continue to attract hopeful buyers from around the globe. Whether you're looking for historic charm or modern luxury, you'll find a home in the Big Apple.
Median Sale Price
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New York City Housing Supply
New York City's housing market attracts both homebuyers and investors, thanks to its urban amenities and iconic landmarks. Currently, there are 14,259 houses in NYC for sale, which marks a 3% increase from last year. With about 6 months of supply, the market is still competitive, although the number of available homes has grown slightly. Among these, 5,232 are new listings.
The city's housing supply changes with the seasons. More New York City houses are listed in spring and summer as sellers aim to close before winter. During this time, buyers are also more active, hoping to settle in by the holiday season. In the current NYC market, buyers should act fast, stay informed, and look for any opportunities for negotiation. You can also ask for seller concessions in order to reduce your closing costs.
The city's housing supply changes with the seasons. More New York City houses are listed in spring and summer as sellers aim to close before winter. During this time, buyers are also more active, hoping to settle in by the holiday season. In the current NYC market, buyers should act fast, stay informed, and look for any opportunities for negotiation. You can also ask for seller concessions in order to reduce your closing costs.
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New York City Housing Demand
The NYC Housing market is experiencing strong demand at the moment. 34.7% of homes sell above the asking price, while 23.8% see price reductions. The sale-to-list price ratio is 97.7%, which indicates that most sellers secure their asking price, or close to it. This high level of demand creates a competitive environment for buyers.
Sellers who price their homes right from the start are less likely to need price reductions. Additionally, offering seller concessions can help attract buyers and speed up the sale process. Listing a home on the New York MLS can also boost visibility and bring in more offers for your property. On the other hand, buyers should keep an eye on homes that have been on the market longer or have seen prior price reductions. These properties can present greater value and improved opportunities for negotiation.
Sellers who price their homes right from the start are less likely to need price reductions. Additionally, offering seller concessions can help attract buyers and speed up the sale process. Listing a home on the New York MLS can also boost visibility and bring in more offers for your property. On the other hand, buyers should keep an eye on homes that have been on the market longer or have seen prior price reductions. These properties can present greater value and improved opportunities for negotiation.
Homes Sold Above List Price
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Strong
Buyer
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Balanced
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Strong
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
New York City Housing Market: When to Buy or Sell?
The housing market in New York City follows trends similar to the broader US real estate market. When inventory increases and competition softens, buyers gain more flexibility. However, when demand outpaces supply, sellers see quicker sales and stronger offers.
If supply rises above the 5-6 month mark, buyers have more time to decide. If it's below that, sellers are likely to receive multiple offers at higher prices. Tracking both the New York housing market and national trends helps both buyers and sellers have the best possible results in the NYC market.
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Frequently Asked Questions
How has the average home price in New York City changed over the past year?
The median home price in New York City has risen by 3.1% over the past year, to reach $825,000 at present. If you're wondering where you stand in this dynamic market, try our free home value estimator to get an accurate estimate of your property's current worth.
What are New York City housing market predictions for 2025?
The New York City housing market is expected to see continued growth in 2025, with steady demand driving home prices higher. Prices are predicted to rise at a moderate pace due to limited inventory and strong buyer interest. However, rising mortgage rates may impact affordability, especially for first-time buyers.
What is the average house price in NYC?
The average house price in New York City varies on the basis of factors like property type, location, and size. Prices typically range from around $405,000 for condos to an average of $915,000 for single-family homes. If you're looking to buy, you can find a variety of New York City homes for sale across budgets.
Is the New York City housing market slowing down?
No, it's not. In fact, the New York City housing market remains highly active. Prices are rising, homes are selling quickly, and demand is steady, even with fewer new listings.
Where can I check real estate trends in NYC?
The New York City housing market stays active throughout the year, with strong demand and steady competition. Homes are selling faster, which reflects high buyer interest. If you're planning to buy or sell, check real estate trends in New York City to determine the best time to make your move.
When will the New York City housing market crash?
According to New York City housing market forecasts, it's very unlikely that the market will crash. In fact, home prices and demand are expected to rise during the summer, with continued growth projected through 2025.
How to buy a house in NYC?
Start with a clear budget and mortgage pre-approval. Next, search for New York City, NY, homes for sale, submit offers, secure loans, and complete the closing process.
How can I list my home for sale in New York City?
You can list your house 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 payment in New York City for buyers?
The average mortgage rate for buyers across the state fluctuates from 6.8% to 7%. But it depends on the market and the borrower's credit score. Always check rates with multiple lenders before you commit.
What are the living costs in NYC?
The average cost of living in New York City is 41% above the state average and 77% higher than the national average. Housing in the city is 238% more expensive than the US average, while utilities are about 6% more expensive. When it comes to everyday essentials, groceries in NYC cost 12% more than the national average.
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