Are sellers cutting prices in New York?

There are not many sellers cutting prices in New York right now. Only a small percentage of homes have had their prices reduced. Fewer than one out of every ten homes, specifically 9.3%, saw a price reduction in the most recent month. This number is slightly up from last year, but it is still a small portion of all homes for sale. When we look at the number of homes listed for sale, there are about 38,910 active listings. Buyers have more choices now than they did a year ago, as active listings have grown by 4.8% over the past year. This means sellers are competing with more homes. Even with more homes to choose from, buyers are still seeing prices hold steady. The median listing price is $792,000, which is a little higher than last year. Homes are also selling slightly faster, staying on the market for 47 days on average. If you are selling a home in New York, you likely won't need to lower your price. But pay attention to how quickly homes are selling and how many other homes are on the market.