New York real estate trends (May 2022)
How is the real estate market in New York?
🏠 Average home value: $393,063
📈 1.27% home value increase month over month
💰 Median sale price: $409,000
⏳ 66 days on the market
🔑 Homes on the market: 39,463
📆 1.4 months of housing inventory
🏦 30-year mortgage rate: 3.00%
💵 Average income: $49,754
State of the market: B+
New York’s statewide market is an outlier; listing prices are nearly double home values, because of the NYC market’s gravity. But home values are heading upwards throughout the state, and a healthy amount of inventory should prevent the market from getting overheated.
*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 find the 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 9 days faster than the annual average
💰 Homes are selling for $61,574 more than the annual average
💸 Average listing commission: 2.70%
💸 Average buyer's commission: 2.40%
How to sell a home in New York
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in New York (June 2021 Rankings)
- 8 Steps to Selling a House in New York
- How to Sell a House By Owner in New York (2021 Update)
- 4 Best New York Flat-Fee MLS Companies in 2021
- 5 New York We Buy Houses for Cash Companies & Alternatives (2021 Rankings)
Cost to sell a home in New York
- What's The Average New York Real Estate Commission In 2021?
- New York Seller Closing Costs in 2021: How Much Will You Pay?
- The Ultimate Guide to New York Real Estate Taxes
Buying a home in New York
How much home you can buy with $300,000 in...
🏠 New York: 507 sq ft
🏡 Rochester: 2,222 sq ft
🏡 Buffalo: 2,000 sq ft
🏠 Albany: 1,587 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in New York
- The 5 Most Affordable Places to Live In New York State
- The Best Time to Buy a House in New York
- The Ultimate Guide for Moving to New York
Investing in New York real estate
- The Clever Blog
- The Ultimate Guide to Flipping Houses in New York
- A Beginner's Guide to Buying an Apartment Building
Best of New York
💡 Did you know…
Buffalo, New York was ranked among the top ten best music cities in the U.S. in 2022?
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.
Each month, we compare cities in New York based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in New York
Worst of New York
Each month, we compare cities in New York based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in New York
1. New York-Newark-Jersey City
New York resources
- Department of State
- New York's real estate license verification
- New York's real estate agent code of conduct
- New York's disclosure forms
- Transfer taxes in New York
- Home buying assistance programs in New York
Frequently asked questions about New York real estate
It is currently a seller’s market in New York. Demand throughout the state is healthy, and prices are continuing to rise steadily. However, each city and town has its own trends, so it’s best to check in with a local real estate agent to figure out the particular trends in your area.
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.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, 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.