Average Cost to Sell a House in New York

Jon Stubbs's Photo
By Jon Stubbs Updated July 1, 2024

SHARE

The average cost to sell a New York home is about 11.29% of the total sale price. Based on the average home value of $478,973, that works out to about $54,072.

However, this is just an average — the cost to sell one home may vary greatly from another. Expenses for repairs, staging, and taxes are all unique to the condition and location of the home.

Common expenses for home sellers in New York

The chart below breaks down the average cost for some of the most common expenses for home sellers in New York to help you prepare for the most (and least) costly aspects of selling your home.

Keep in mind that your actual expenses may vary, depending on your home price and factors like how much you need to spend on home prep and relocation. For a more accurate estimate of your expenses, use our cost to sell in New York calculator.

For most sellers, the most expensive part of their costs to sell are realtor commissions. 

Realtor commission fees usually total 5–6% of your sale price. About half of that is the listing commission, and the other half is the buyer's agent commission.

Fortunately, Clever Real Estate can help reduce your commission expenses. We've negotiated a reduced listing commission of 1.5%, saving you thousands in commission!

Repairs, staging, and prep

💰 Estimated cost: $200 to $8,307
Show more

Unless you’re planning to sell your New York house "as-is" or to an iBuyer, you should expect to spend about $8,307, on average, to get your home market-ready to attract qualified buyers.

This could involve simple tasks like mowing your lawn, deep cleaning your house, and getting rid of clutter. Some homes may require more involved preparation like making repairs or painting.

Can't afford to make all the necessary repairs to your home to get it market-ready? Consider selling to a New York cash buyer who will purchase your home as-is.

Realtor fees in New York

💰 Estimated cost: 5.39% $25,817
Commission breakdown:
Listing fee 3.00% $14,369
Buyer's agent fee 2.39% $11,447
Show more

One of the biggest fees for selling a house in New York will be realtor commission. In a standard real estate transaction — one involving two traditional, full-price agents — you will likely be on the hook for covering the full commission fee for both agents.

Will the NAR lawsuit change how real estate commission works?

On March 15, 2024, the National Association of Realtors agreed to pay $418 million in damages to settle a real estate commission lawsuit the industry group lost in November 2023. 

While the full impact of the settlement is yet to be determined, experts believe that the change will eventually lead to lower buyer's agent commissions and give buyers the ability to negotiate those commissions based on the services they need. 

The terms of the settlement are scheduled to take effect in mid-July 2024. But, the settlement hasn't been officially approved yet, and it could be delayed or changed by objections. We'll continue to monitor the status of the settlement and the effects it has on the real estate industry.

» READ MORE:

While other expenses may be out of your control, you can still save money on realtor fees by either selling for sale by owner (FSBO) or hiring a discount real estate broker.

But your best option is to work with a company like Clever that negotiates lower commissions with full-service, local agents on your behalf. That way you can save money while getting the same level of service as someone who pays full price!

Seller closing costs in New York

💰 Estimated cost: 3.12% $14,965
Closing cost breakdown:
Title insurance (owner's policy) 0.12% $591
Title insurance (lender's policy) N/A Typically paid by buyer
Transfer tax 0.40% $1,883
Title fees 0.22% $1,077
Recording fee 0.01% $52
Buyer incentives 2% $9,579
Show more

Closing costs are a blanket term for the various fees and expenses (not including realtor commission) both buyers and sellers pay at the close of a real estate transaction.

Expect to pay roughly 3.12% of your home’s final sale price at closing. Based on the average home value in New York of $478,973, that translates to $14,965.

Depending on your circumstances, you might be able to negotiate for the buyer to pay them. However, it's common for buyers to ask sellers to pay their closing costs to seal the deal. Talk to your realtor to get a sense of how much you should expect to pay in closing costs.

» MORE: How much are seller closing costs in New York?

Moving expenses

💰 Estimated cost: $581 to $4,983
Show more

If you're selling your own home, you'll have to pay to move your possessions. This could include hiring professional movers and spending thousands of dollars for a long-distance move.

Even moving yourself locally could require renting a truck, moving equipment, and possibly a storage unit if you don't already have a place lined up for your possessions.

In New York, the average moving costs are $581 locally and $4,983 for 1,000 miles or more — which accounts for packing supplies, movers, and carrying costs.

Mortgage payoff

💰 Estimated cost: $240,795
Show more

The average homeowner in New York owes $240,795 on their mortgage. You'll have to pay off the remaining balance before transferring the home to another owner. If the home sale proceeds don't cover the remaining mortgage balance, you'll have to pay out of pocket.

Keep in mind that prepayment penalties and accrued interest could make your payoff amount higher than the mortgage balance listed on your statement.

Do you need a real estate attorney in New York?

💰 Estimated cost: $221 to $500 per hour
Show more

States differ in their requirements for real estate attorneys. In New York, a real estate attorney is required.

Even if the state laws don't require one, hiring a real estate attorney could be a good idea if the transaction is especially complicated. Short sales, potential property line disputes, and title issues are all good reasons to consider hiring an attorney.

In New York, you can expect to pay between $221 and $500 an hour for a real estate attorney.

How much will I make selling my New York house?

If you don't have a mortgage, you'll get the entire sale price minus the costs of selling your home. That means you could take home $424,901 if you sell your home for $478,973 and pay 11.29% to sell it.

You may owe money on the property, which will reduce the amount you make selling your home. The average New York homeowner owes $240,795 on their mortgage, which cuts into the amount that will land in your bank account.

» MORE: How much does it cost to sell a house?

Cost of selling a house calculator

Use this cost of selling a house calculator to get a better idea of how much you'll have to spend to sell your home — and how much you'll take home after!

While your exact costs may vary, you can use these New York averages as a general guide.

How to avoid losing money on your New York home sale

No matter where you're selling in New York, these tips will help you maximize your profits from your home sale!

1. List with a discount real estate agent

Realtor commission fees are a huge expense for New York home sellers, often making up a large portion of your total selling costs. Thankfully, finding a way to save on commission is one of the best ways to make more money when you sell your home!

You can negotiate commission rates on your own, but the easiest option is to find a discount real estate agent in New York through an agent-matching company like Clever.

Clever matches you with local full-service agents from well-known brokerages like RE/MAX, Keller Williams, and Century 21. But, instead of paying the typical 3.00% listing fee, you'll only pay 1.5%!

With Clever, you can also compare multiple New York agents to find the one that best fits your needs. Even better, finding an agent through Clever won't cost you a dime, and there's no obligation to move forward until you find the perfect agent.

Work with a full service agent for only 1.5%!

Clever negotiates discounted listing fees with top agents to help you save money when selling your home!

2. Time your sale to get top dollar for your New York home

To get the best price, the best month to sell a house in New York is May. Last year, the average listing price for New York homes in May was $503,027, which is $31,601 more than the annual average.

The best month to sell your house fast in New York is May, because that's when homes tend to spend the fewest days on the market. Last year, New York homes sold in May were on the market for an average of 61 days, which is 16 days faster than the annual average.

However, sellers can have a successful sale even outside the busiest months!

Your best bet is to work with a great New York real estate agent who knows your local area trends. They can create a pricing and marketing strategy to increase competition among buyers so you maximize your profits.

3. Negotiate like a pro

The buyer may ask you to offer incentives or make concessions to ensure the deal goes through. These could include things like covering inspection fees, certain closing costs, repair credits, offering a home warranty, etc.

The right negotiation techniques can help you minimize the costs you’re responsible for and make your home sale as profitable as possible.

If you have a quality home in a competitive market, you'll be in a position to negotiate terms that are favorable to your situation and get you the most money. In a tougher market, you may need to sweeten the deal to attract the highest offers.

Using a top-rated real estate agent can be an invaluable resource when it comes to negotiating, as they'll do most of the back-and-forth for you.

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.

Learn more about Clever.

FAQs about costs to sell in New York

How much are closing costs for sellers in New York?

On average, closing costs tend to be about 3.12% of a home's sale price in New York. That said, you should also consider realtor fees, which average another 5.39% of your sale price and account for the majority of your expenses.

How much does it cost to sell a house in New York?

The average home seller in New York spends about $54,072, or 11.29% of the sale price. This will vary quite a bit depending on the sale price and condition of your house, however. Working with an agent who offers a discounted rate is a great way to keep this number down.

How much money will I make when I sell my house?

The average New York home seller makes about $424,901 on their home sale before paying off their existing mortgage, if they have one. For a more specific idea of what you can expect to walk away with, check out our home sale proceeds calculator.

Additional resources for New York home sellers

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.

Better real estate agents at a better rate

Enter your zip code to see if Clever has a partner agent in your area
If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. We offer this because we're confident you're going to love working with a Clever Partner Agent.