The Best Time to Buy a House in New York (2024 Update)

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By Hannah Warrick Updated May 31, 2024
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Edited by Ashley Simon

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Buying a house in New York can be stressful, but you can make it easier by starting the home-buying process at the right time. 

The best time to buy a house in New York depends on your priorities and situation. This article examines listing prices, housing inventory, and mortgage rate trends in New York so that you can make an informed decision. 

An experienced real estate agent can help you navigate the New York real estate market, achieve your home-buying goals, and leave the stress behind. 

Get expert support: Match with a top New York real estate agent near you.

The best month for low listing prices in New York

🔎 Key takeways

  • 🏅 Best month for low listing price: September
  • 🚫 Worst month for low listing price: December
  • 💵 Average listing price: $1,473,717
  • 📈 Listing prices are up 0.58% from last month[1]

If finding a house for a low listing price is your priority, the best time to buy a house in New York is September. 

In recent years, prices for homes in New York have been the lowest in September. On average, homes are $97,282 less expensive than the average listing price of $1,473,717.

In September, buyers may find fewer homes on the market, which can cause sellers to list their homes for less. You’ll likely have fewer options to choose from, but you have the chance to score a great deal.

In December — the month with the highest listing prices — the listing prices were $106,759 more than the annual average. Buyers may have better luck negotiating the listing price during this time, since housing inventory will likely be higher and the market is more competitive.

Keep in mind that price trends can vary from city to city — and there may even be anomalies within certain neighborhoods. If you want to find the best time to buy a house in New York, we recommend connecting with a local realtor. They'll help you navigate the ins and outs of the New York housing market, compare interest rates, and find a deal that works for you.

The best month for housing inventory in New York

🔎 Key takeways

  • 🏅 Best month for housing inventory: July
  • 🚫 Worst month for housing inventory: December
  • 🏠 Average housing inventory in New York: 56,900
  • 📈 Housing inventory is up 1.8% from last year[1]

If having a wide selection of houses to choose from is your priority, then the best time to buy a house in New York is July.

You’ll likely find the highest number of listed homes in July and might have better luck negotiating the price of a property during this month when there are more houses on the market.

In New York, you’ll find the fewest available listings in December. During this season, sellers might list their homes due to financial desperation or immediate need. You're more likely to find as-is listings and fixer-uppers during this time. That said, you could still find some great houses on the market for a low price.

When looking at housing inventory, you’ll also want to check how many days the listings have been on the market. Days on market (DOM) can indicate how competitive the market is and how much time you have to make an offer on a home.

In New York, listings have a DOM average of 64 days. In January, listings are on the market the longest, for an average of 86 days. You’ll likely have a better chance of negotiating the listing price during this month.

In May, listings are on the market for the least amount of time — an average of 48 days — which indicates the market is more competitive and it could be harder to make a successful bid.

The best month for mortgage rates in New York

🔎 Key takeways

  • 🏅 Best month for mortgage rates: January
  • 🚫 Worst month for mortgage rates: October
  • 💵 Average mortgage rate: 6.86%
  • 📈 Mortgage rates are down 2.4% from last month[2]

If scoring a low mortgage rate is your top goal, the best time to buy a house (and take out a loan) is January.

In the past year, mortgage rates have been lowest in January, with an average mortgage rate of 6.60% on $470,663 home (average home value in New York)[3]. When mortgage rates are low, buyers can usually expect more demand and higher listing prices. 

Mortgage rates have been historically higher in October, with an average mortgage rate of 7.8% on $470,663 home. During this month, listing prices could take a dip since buyers are less motivated to take out a loan due to high interest rates.

Before you start touring houses, it’s helpful to have your mortgage pre-approval letter secured. This shows that you’re financially qualified to make an offer and sets you apart from buyers who don’t have one. Most New York home sellers will require a pre-approval letter before showing you their home.

No matter when you decide to buy, remember to compare interest rates and pre-approval amounts from several lenders to make sure you're getting the absolute best rate and terms when you buy your house in New York.

Where should you buy in New York? Start here.

How to find a great real estate agent in New York

When you’re in the planning stage of buying a home, the best step you can take is to connect with a great local buyer’s agent.

You can start your search by looking up a brokerage or realty, but don't stop there. Take the time to research and interview multiple real estate agents, paying attention to their:

  • Years of experience (the median is 8 years)
  • Number of home buyers helped in the last year 
  • Expertise in your target neighborhood and price range
  • Online reviews and complaints
  • Licensing and certifications, such as an Accredited Buyer's Representative[4]
  • Membership in local real estate boards, such as the Staten Island Board of Realtors[5]

An experienced New York real estate agent can help you find the best time to buy a house in New York and make the most of your situation, even if it's a seller's market. Economic conditions can change quickly, and a knowledgeable realtor can give you up-to-the-minute information on where and when to buy based on your priorities.

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Why trust us

Data sources

Our Research Team uses real estate data from reputable sources, such as Zillow, Realtor.com, and FreddieMac, to determine the best and worst months to buy a house in New York. We analyze monthly trends for listing prices, housing inventory, and mortgage rates and refresh that data on our pages as the primary sources update.

About Clever Real Estate

Clever Real Estate is a free agent-matching service that has helped more than 82,000 people buy and sell homes. We partner with over 3,800 top-performing agents nationwide at national brokers including Keller Williams, RE/MAX, Century 21, and more. We also help buyers save money with cash back after closing — no strings attached.

We’ve earned buyers’ trust with a rating of 5 out of 5 stars on Trustpilot and over 3,000 customer reviews in total. 

Our team of industry-leading researchers is committed to making homeownership more accessible by educating buyers through guides like this one. We've spent thousands of hours analyzing publicly available data, surveying consumers, and interviewing industry experts. Our research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

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Related articles

Article Sources

[1] Realtor.com – "Realtor.com Housing Data". Updated May 1, 2024.
[2] FreddieMac (Stats are based on a conventional 30-year mortgage rate in the U.S.) – "Primary Mortgage Market Survey". Updated June 27, 2024.
[3] Zillow – "Zillow Home Value Index". Updated May 31, 2024.
[4] National Association of Realtors (NAR) – "Accredited Buyer's Representative".
[5] Staten Island Board of Realtors – "Staten Island Board of Realtors".

Authors & Editorial History

Our experts continually research, evaluate, and monitor real estate companies and industry trends. We update our articles when new information becomes available.

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