A Snapshot of the Current New York Real Estate Market

Median Sale Price:

• The median sale price of a home in New York was $777,000 last month, which represents a 2.2% increase compared to the previous year
• The median sale price per square foot in New York is $593, down slightly by 1.2% from last year

Market Trends:

• In February 2024, New York home prices were up 2.2% year-over-year, with homes selling for a median price of $777,000.
• On average, homes in New York sell after 75 days on the market, compared to 80 days last year.
• A total of 1,973 homes were sold in February this year, up from 1,953 last year

Sale-to-List Price Ratio:

The sale-to-list price ratio for all home types in New York is 97.4%, indicating strong demand and competitive offers

Migration Trends:

• 30% of New York homebuyers searched to move out of New York, while 70% looked to stay within the metropolitan area.
• Among those moving into New York, Peoria, IL had the highest interest, followed by Springfield and Lincoln.
• Popular destinations for New Yorkers leaving the city include Miami, Philadelphia, and Washington