Is New York, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, New York has remained a Buyer's Market.
Key Takeaway
New York is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in New York, NY
How much do homes in New York, NY cost?
Median Sold Price
$849,645
$636/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in New York has remained the same since last year.
Summary: The median home sold price in New York was $849,645 in May 2024, the same as last year, and the median price per square foot was $636.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $609.9K | $575.2K | -5.7% |
| 2 Bedrooms | $853.6K | $826K | -3.2% |
| 3 Bedrooms | $849.1K | $852K | 0.4% |
| 4 Bedrooms | $984.7K | $979.2K | -0.6% |
| 5+ Bedrooms | $1.1M | $1.1M | -1.7% |
Summary: New York housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.7%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 0.4%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes decreased by 1.7%.
Housing Supply in New York, NY
How many homes are available in New York, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21,843 | 22,432 | +2.7% |
Summary: The New York real estate market had 22,432 homes for sale in May 2024, a 2.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5,449 | 5,459 | 0.2% |
| 2 Bedrooms | 5,732 | 5,720 | -0.2% |
| 3 Bedrooms | 4,518 | 4,678 | +3.5% |
| 4 Bedrooms | 2,230 | 2,363 | +6.0% |
| 5+ Bedrooms | 3,914 | 4,212 | +7.6% |
Summary: The New York housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 0.2%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 7.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,804 | 1,919 | +6.4% |
Asking Price vs. Sold Price
871 Homes Were Sold
Under Asking
844 Homes Were Sold
At Asking
204 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New York, you may be able to get a good deal. 45.4% of homes here sold below asking price last month.
Summary: A total of 1,919 homes were sold or pending in New York in May 2024, up by 6.4% month-over-month. Of the 1,919 sold homes, 45% were sold under asking, 44% were sold at asking, and 11% were sold over asking.
Days on Market for New York, NY
How long does it take to sell a home in New York, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 101 Days | 93 Days | -7.5% |
Summary: Homes in New York had an average of 93 days on market in May 2024, down by 7.5% compared to last year.
Breakdown of Home Sale Times
299 Homes Were Sold
Under 30 Days
379 Homes Were Sold
In 30 - 90 Days
392 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in New York are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 1919 homes were sold in New York; 16% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
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