Is New York a buyer's market right now?

The New York market is showing some signs that could favor buyers right now. Listing prices are a bit lower than last year, and there are more homes to choose from. The median listing price in New York is $775,000, which is a small increase of 0.3% from last month, but it’s down 2.5% compared to a year ago. The average listing price also dropped by 5.1% over the last year, now at $1,538,237. There are more homes on the market too, with active listings up 4.2% from last year to 37,154 homes. The number of new listings also increased by 5.3% over the past year, reaching 17,468. This means more choices for you as a buyer. Homes are selling a bit faster than last year, with the median time on the market now 42 days, 6.7% quicker than a year ago. However, the share of homes with price reductions is up slightly to 9.3%, which could point to sellers being more willing to negotiate. Fewer homes are going under contract compared to last year, which gives you more time and options. The pending ratio dropped by 18.0%, showing fewer deals are getting made. This means you might have more leverage to find a home that fits your budget.