Is New York, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, New York has remained a Buyer's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $622.5K | $580.6K | -6.7% |
2 Bedrooms | $882.5K | $826.5K | -6.4% |
3 Bedrooms | $861.1K | $840.3K | -2.4% |
4 Bedrooms | $990K | $972.7K | -1.7% |
5+ Bedrooms | $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 | $746K | $746.2K | 0.0% |
Brooklyn | $956.1K | $951.2K | -0.5% |
Manhattan | $1.3M | $1.3M | -1.1% |
New York | $858.3K | $843.2K | -1.8% |
Queens | $699.5K | $683.9K | -2.2% |
Housing Supply in New York, NY
How many homes are available in New York, NY?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
20,089 | 20,314 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4,974 | 4,996 | 0.4% |
2 Bedrooms | 5,368 | 5,352 | -0.3% |
3 Bedrooms | 4,002 | 3,997 | -0.1% |
4 Bedrooms | 2,128 | 2,154 | +1.2% |
5+ Bedrooms | 3,617 | 3,815 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
1,671 | 1,415 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
93 Days | 93 Days | 0.0% |
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
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.