Are sellers cutting prices in New York?

Yes, some sellers in the New York area are cutting prices. About 10.3% of homes currently listed have had their prices reduced. This means that roughly one in ten homes on the market has seen a price drop. This percentage is also slightly higher than it was at this time last year, up by 1.2% year-over-year. Right now, the median listing price for homes in the area is $742,000. This price has dipped slightly recently, down 0.9% from the previous month and 2.3% compared to last year. Homes are taking a bit longer to sell, staying on the market for a median of 56 days. The number of homes for sale is also up, with active listings increasing by 6.3% over the past year. If you are looking to buy, this could mean there are more opportunities to find a home where the price has been adjusted. If you are selling, pricing your home strategically from the start is important.