How much should I offer on a home in New York?

Home prices in the New York area are slightly down from last year. The median listing price is $775,000. That is 2.5% lower than it was a year ago. There are more homes for sale now than there were last year. The number of homes on the market increased by 4.2%. Also, more new homes came up for sale, going up by 5.3%. This means you have more options to choose from. Homes are selling a bit faster now. The time a home stays on the market has gone down to 42 days. That is 6.7% quicker than last year. Even with more homes available, fewer homes are going under contract. The number of homes with pending sales is 18,533. This has dropped by 18% compared to last year. This suggests that fewer people are making offers that are accepted, even though homes are selling faster once an offer is accepted. With more homes to choose from and fewer homes going under contract, you might have a bit more room to negotiate. You could consider offering a price slightly below the asking price, especially if the home has been on the market for a while.