Is New York a buyer's market right now?

There are some mixed signals in the New York market right now, so it's not a clear "buyer's market." While prices have softened a bit, homes are still moving fairly quickly. Buyers might find some opportunities, but sellers still have some leverage. The median listing price is $749,000, which is down 3.0% from the previous month and 1.5% compared to the past year. This small drop in prices could be good news for buyers looking for a better deal. Homes are selling slightly faster, with the median time on the market being 56 days, down 3.5% from the past year. This suggests that even with a slight price dip, buyer interest is still there, and properties aren't sitting around for too long. There are 36,676 active listings, which is 3.2% more than the past year, giving buyers more options to choose from. However, new listings are down 1.7% over the past year, meaning fewer fresh choices are coming onto the market. About 10.2% of homes have had a price reduction, up 2.3% from the past year. This indicates that some sellers are adjusting their expectations, which could create opportunities for buyers to negotiate. For buyers, this means you might find more homes to choose from and could potentially negotiate on price, especially with the slight dip in overall listing prices and more price reductions. Be ready to act, though, as homes aren't staying on the market much longer than before.