Is New York, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$850,161
$638/sqft
Based on all homes sold in the last 12 months.
Difference Since June 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 $850,161 in June 2024, up 0.2% from last year, and the median price per square foot was $638.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $605.7K | $573.1K | -5.4% |
| 2 Bedrooms | $852.3K | $830.7K | -2.5% |
| 3 Bedrooms | $849.7K | $851.8K | 0.2% |
| 4 Bedrooms | $980.7K | $979.9K | -0.1% |
| 5+ Bedrooms | $1.1M | $1.1M | -0.7% |
Summary: New York housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.4%, 2 bedroom homes decreased by 2.5%, 3 bedroom homes increased by 0.2%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in New York, NY
How many homes are available in New York, NY?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 22,344 | 21,929 | -1.9% |
Summary: The New York real estate market had 21,929 homes for sale in June 2024, a 1.9% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5,517 | 5,271 | -4.5% |
| 2 Bedrooms | 5,874 | 5,598 | -4.7% |
| 3 Bedrooms | 4,654 | 4,519 | -2.9% |
| 4 Bedrooms | 2,308 | 2,349 | +1.8% |
| 5+ Bedrooms | 3,991 | 4,192 | +5.0% |
Summary: The New York housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.5%, 2 bedroom homes decreased by 4.7%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes increased by 5%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 2,081 | 1,916 | -7.9% |
Asking Price vs. Sold Price
827 Homes Were Sold
Under Asking
874 Homes Were Sold
At Asking
215 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New York, expect to pay close to the asking price. 45.6% of homes here sold near the asking price last month.
Summary: A total of 1,916 homes were sold or pending in New York in June 2024, down by 7.9% month-over-month. Of the 1,916 sold homes, 43% were sold under asking, 46% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 94 Days | 92 Days | -2.0% |
Summary: Homes in New York had an average of 92 days on market in Jun 2024, down by 2% compared to last year.
Breakdown of Home Sale Times
323 Homes Were Sold
Under 30 Days
358 Homes Were Sold
In 30 - 90 Days
358 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in New York has remained consistent over time.
Summary: During June 2024, 1916 homes were sold in New York; 17% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
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