Is New York, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing New York is a buyer's market

Buyer's
Market

Difference Since February 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

$843,275

$635/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$15,117(-1.8%)

Key Takeaway

Homes in New York have sold for 1.8% less than they did a year ago.

Summary: The median home sold price in New York was $843,275 in February 2024, down 1.8% from last year, and the median price per square foot was $635.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $622.5K$580.6K
-6.7%
2 $882.5K$826.5K
-6.4%
3 $861.1K$840.3K
-2.4%
4 $990K$972.7K
-1.7%
5+ $1.1M$1.1M
-1.8%

Summary: New York housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes decreased by 6.4%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes decreased by 1.8%.

Median Sold Price Compared To Nearby Cities

South Richmond Hill
0.0%
Brooklyn
-0.5%
Manhattan
-1.1%
New York
-1.8%
Queens
-2.2%

Housing Supply in New York, NY

How many homes are available in New York, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
20,08920,314+1.1%

Summary: The New York real estate market had 20,314 homes for sale in February 2024, a 1.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 4,9744,996
0.4%
2 5,3685,352
-0.3%
3 4,0023,997
-0.1%
4 2,1282,154
+1.2%
5+ 3,6173,815
+5.5%

Summary: The New York housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 0.4%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes decreased by 0.1%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 5.5%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1,6711,415-15.3%

Asking Price vs. Sold Price

680 Homes Were Sold
Under Asking

594 Homes Were Sold
At Asking

141 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New York, you may be able to get a good deal. 48.1% of homes here sold below asking price last month.

Summary: A total of 1,415 homes were sold or pending in New York in February 2024, down by 15.3% month-over-month. Of the 1,415 sold homes, 48% were sold under asking, 42% were sold at asking, and 10% 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

Feb 2023Feb 2024CHANGE
93 Days93 Days0.0%

Summary: Homes in New York had an average of 93 days on market in Feb 2024, up by 0% compared to last year.

Breakdown of Home Sale Times

200 Homes Were Sold
Under 30 Days

349 Homes Were Sold
In 30 - 90 Days

318 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in New York has remained consistent over time.

Summary: During February 2024, 1415 homes were sold in New York; 14% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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