New York Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

September 1st, 2022
Updated September 1st, 2022

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New York real estate trends

Real estate trends in New York | Sellers | Buyers | Investors | The best and worst of New York | New York resources

New York real estate trends (May 2022)

How is the real estate market in New York?
🏠 Average home value: $408,833
📈 0.45% home value increase month over month
💰 Median sale price: $462,400
⏳ 63 days on the market
🔑 Homes on the market: 41,301
📆 1.8 months of housing inventory
🏦 30-year mortgage rate: 5.37000%
💵 Average income: 71117
State of the market: B+
The New York market continues its gentle upswing. Despite the high listing prices, the demand for real estate and steady inventory are keeping this market fairly balanced.
*Data last updated May 2022

Few cities around the world compare to New York City.

From Central Park to Broadway, Brooklyn to the Bronx, New York's humming energy, thriving creative scenes, and competitive corporate culture are unparalleled.

But beyond the Big Apple, New York state has a lot to offer, too. Within a few hours of the city, you'll findthe natural beauty of the Catskill Mountains, the Finger Lakes, and an abundance of art museums and galleries.

If you're thinking of buying or selling in New York, these New York housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!

Selling a home in New York

New York real estate market forecast for sellers
⏰ Homes are selling 4 days faster than the annual average
💰 Homes are selling for $3,209 more than the annual average
💸 Average listing commission: 2.61%
💸 Average buyer's commission: 2.36%

How to sell a home in New York

Cost to sell a home in New York

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Buying a home in New York

How much home you can buy with $300,000 in...
🏠 New York: 917 sq ft
🏡 Rochester: 2,222 sq ft
🏡 Buffalo: 1,911 sq ft
🏠 Albany: 1,604 sq ft

Investing in New York real estate

Best of New York

💡 Did you know…

Using a Google Trends analysis, the Clever Data Center found that Buffalo was the top city in the nation for alternative music. With its array of intimate concert venues and high population of career musicians, Buffalo appeals to both music fans and working artists.

» Taking notes? 🎵 Learn more about the rankings here: The Best Music Cities in the U.S.

With about 20 coffee shops per capita, Buffalo residents can choose a new place to enjoy a cup of coffee every day without worrying about breaking the bank.

» Thirsty for more info? ☕ Read our full study here: The Best Coffee Cities in America

Each month, we compare locations in New York based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in New York
1. Westchester County
2. Putnam County
3. Nassau County
4. Suffolk County
5. Hamilton County

Ready to buy a home in New York? Eligible buyers get cash back with Clever!

Worst of New York

Each month, we compare locations in New York based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in New York
1. Bronx County
2. Oswego County
3. St. Lawrence County
4. Montgomery County
5. Chemung County

New York resources

👋 Next Steps: Talk to an expert!

If you're weighing your options for buying or selling a house, Clever can help!

Our fully-licensed concierge team is standing by to answer questions and provide free, objective advice on getting the best outcome with your sale or purchase.

Ready to get started?

Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

Remember, this service is 100% free and there’s never any obligation.

Frequently asked questions about New York real estate

Investing in real estate is always a good choice, especially in a highly populated metro like New York City, where housing is always in demand. While that may be the case, maximizing your investment requires planning out your finances and understanding local trends. Learn more in our guide to real estate investing.

Now might not be an ideal time to buy a house in New York, as home sale prices are rising. If you still need to purchase a house in the state, then you will need to work with a good real estate agent to find a decent deal.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

Better real estate agents at a better rate

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