Is New York a good place to relocate to?

Relocating to the New York-Newark-Jersey City metro area right now means you will find a good number of homes for sale, though prices have dipped slightly recently. Homes are also spending a bit less time on the market compared to a year ago. Right now, the typical home in this area is listed for $742,000. This price is down a little, falling 0.9% from the previous month and 2.3% from one year ago. The average listing price, which tends to include higher-priced properties, has seen a more significant drop of 7.0% over the past year, now sitting at $1,438,438. There are 38,158 homes actively for sale, which is 6.3% more than a year ago. However, the number of brand new listings coming onto the market has decreased by 4.6% over the past year, with 15,952 new homes listed in the most recent month. Homes are selling a bit quicker than last year, spending 56 days on the market on average, which is 3.5% less time. About 10.3% of homes have had their prices reduced, a slight increase of 1.2% compared to a year ago. If you are thinking of relocating, expect a competitive market for available homes. While prices have softened a bit, homes are still moving relatively fast, so be prepared to act when you find something you like.